The Finch opportunity in Canada, huge market, canadains pay with $185/person among the highest banking fees globally! Combine this with 75% of millennials that prefer Google or Apple as a banking partner and off we go!
I’m speaking with Daniel Eberhard, CEO of Koho, a new Vancouver-based startup that has been in stealth mode for eight months. Daniel continues, explaining the current disconnect facing Canadians across the country: last year, Canada’s five largest banks made $29 billion in profit; meanwhile, Canadians on average pay $185 a year in banking fees, one of the highest amounts globally. “The majority of people pay bank fees,” “yet most people don’t know what they are for, they don’t know where they go, and it should be very simple. If you think about it, it’s the only brand relationship where you have a vague idea of why you’re paying fees, but that’s it.” Koho’s solution? Decouple the consumer experience of banking from the bank itself. The disconnect is more dire for millennials, of which 75% prefer google than a bank