@isaac_vandor@danebs Hey Isaac, while Simple and Koho have some similar features (Transfers, Goals and modern no fee accounts), Koho also offers real-time notifications, in-depth/instant insights, and the ability to pay businesses directly (aka bills like your cell phone) in the app.
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@lauren_bates@isaac_vandor@danebs That's not going to be enough to get Simple users to switch. I see a lot of companies doing things similar to Simple but none offer a compelling reason for Simple customers to go through the hassle of switching their bank.
@lauren_bates@isaac_vandor Thanks Lauren. The other thing that's worth noting is that Koho is built for Canadians. You may not know this, but in Canada we basically have 5 banks who control 90% of the market, unlike in the US which has somewhere north of 16,000. Last year these 5 banks made $140B in rev & $40B in profit, while charging Canadians some of the highest bank fees in the world.
Is there a plan for this to be added to the US Store? @danebs
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@3raxton@danebs I'm with you. I can't use it / test it since there is no American access @lauren_bates ... also are there plans for visa card access as well? similar to simple? THAT would make me switch over immediately. that would be a true competitor to paypal as well.
@3raxton@lukeeischen This is great gents. We're definitely working hard on adding credit. We know it's important. The US is still an open question for us!
Thanks @spencerchen.
Hey PH'rs! Thanks for checking out Koho. We built Koho because we think accessing your money should be smart, simple & free.
What we do:
All the core things: Direct deposit, bill pay, 8,000 ATMs, E-transfers etc (fee-free).
+ Automating savings goals
+ Real time updates and insights into your spending behaviour
+ Live chat & support
+ Automatic categorization
Lauren, our PM, and I (CEO) will be around all day to answer any of your questions.
Koho is awesome! It's just like a regular credit card, but gives way more feedback on what I'm spending money on and how my daily spending effects my longer term goals. That, and I don't have to pay all those BS bank fees...
I've been traveling back and forth from the US to Canada the past 2 years and came across Koho from a VC friend that got me into their beta program. I use it tons for personal expenses in both Canada and in the US. It's great, basically what I used to get with 3+ apps, now I get it all in one app.
Also, it saves tons of fees when I'm doing P2P payments with friends. In Canada, there's still no Venmo or Square Cash...there's only Interac e-Transfer that charges $1.50 per payment 😫
The instant feeds/receipts are great and the Mint-like features are super-useful. Haven't really tried the spending/savings goals feature yet.
One of the few fintech apps that I've actually stuck with. Great start 👍
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@spencerchen It's so annoying. A few banks don't charge for interac etransfer but most do.
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