TORONTO, Aug. 11, 2021 (GLOBE NEWSWIRE) – KOHO is making every day a payday for individuals across the country. Continuing its commitment to putting all Canadians in control of their finances, Toronto-based Fintech launched Instant payout with selected partners and users. Breaking the mold of today’s payroll infrastructure, Instant Pay allows employees to access a portion of their paycheck on a daily basis. The goal of this new feature is to help revolutionize the way Canadians access their paycheck by allowing them to budget for their daily needs. This is particularly important for the most 50% of the nation who live from paycheck to paycheck, and the many Canadians who resort to predatory payday loans just to cover their necessary expenses like bills and groceries. The added flexibility for unforeseen expenses is also a benefit for Instant Pay users who can sign up and have immediate access to their money to use as needed. No traps, no gimmicks, just financial freedom, made easy.
“From its inception, KOHO aimed to make quality financial services more accessible and transparent to Canadians,” said KOHO CEO and Founder Daniel Eberhard. “The more we look at current personal finance offerings, the more it becomes clear that they just aren’t enough. Instant Pay is a simple way to empower your employees financially without disrupting your current payroll process. Everybody wins.
With the release of Instant payout, KOHO is making a bold change to payroll infrastructure creating a movement towards fairer and more equitable wealth management practices. Instant Pay is free for employers to implement and does not disrupt current payroll processes while allowing employees to access up to 50% of their daily earned pay at the end of each working day. Access to pay on demand is a new concept for much of Canada, with the power to revolutionize the way Canadian businesses manage payroll, allowing employees to have greater control and flexibility over their jobs. personal finances. With a mitigated need to look to loan providers who prey on financially vulnerable Canadians, Instant Pay will have a positive impact on wealth management and creation, allowing Canadians to keep more of their hard-earned money. instead of paying off the high interest debt cycles.
The implementation of KOHO Instant payout provides a competitive advantage to employers who may also know
- Increased retention
- Reduce absenteeism
- Have a higher eNPS among employees.
KOHO has already partnered with Ameego to provide Instant Pay nationwide. Through this partnership, approximately 75,000 employees of companies such as Tim Horton’s, Boston Pizza and Moxie’s Grill & Bar will be able to access pay on demand.
KOHO is a FinTech company whose mission is to create transparent and intuitive financial products. KOHO offers a full-service spending and savings account with no hidden fees that can get cash back on every purchase, as well as a built-in app that helps users spend smart and save more. KOHO is a Fintech company, not a bank. KOHO partners with a variety of federally regulated banks and financial institutions to offer our products.