Peoples Trust Company, the leading federally-chartered prepaid card issuer in Canada, has launched with Koho, a Vancouver-based fintech company, to deliver a modern, mobile, no-fee spending account to millennials. After a 12-month beta program, Koho now offers Canadians a Smart Spending Account and branded Visa prepaid card issued by Peoples Trust.
Peoples Trust provides comprehensive issuing services for reloadable and single-load open-loop prepaid cards, BIN sponsorship, regulatory expertise and market guidance to help fintechs like Koho establish, launch and grow card programs across Canada.
“Peoples Trust’s leadership in prepaid payments has been essential to our successful roll-out across the country,” said Daniel Eberhard, Koho’s CEO. “Their deep market knowledge and regulatory expertise ensures that Koho continues to deliver innovative and relevant financial services to Canadians.”
“Visa prepaid cards offer security and the convenience to pay wherever Visa is accepted,” said Chris Ferron, senior account executive, Prepaid, Visa Canada. “We are pleased to work with companies like Koho and Peoples Trust to bring innovative products to new users.”
“With more than a decade of experience, Peoples Trust is the most experienced prepaid card issuer in Canada” said Peter Read, president of Peoples Card Services. “We are pleased to provide the financial ecosystem that power fintechs, like Koho, and card program managers in Canada and the U.S.”
Peoples Trust, Koho and the Canadian Prepaid Providers Organization will present at the Payments Canada Summit in May about strategies fintechs must consider when launching in Canada.