KOHO's referral bonus has one of the lowest bars to clear of any Canadian fintech offer right now. No minimum deposit, no holding period, no direct deposit requirement — just one purchase over $20 and the $40 lands in your account. Here's everything you need to know.
The KOHO Referral Code
Referral code: KOHOBONUS40
This code unlocks the highest referral bonus available for new KOHO customers — $40 cash, which is more than you'll find through KOHO's standard in-app referral links. It's an exclusive rate not available everywhere.
Use the link below to apply it automatically, or enter it manually during sign-up.
Claim your exclusive $40 KOHO bonus →
What You Earn and How to Trigger It
The bonus is simple: sign up with the referral code, open your KOHO account, and make your first purchase of $20 or more using your KOHO card. The $40 is credited to your KOHO balance shortly after.
There's no minimum deposit required to open a KOHO account, and no specific category the purchase needs to fall into. Any transaction over $20 qualifies — groceries, a coffee, transit top-up, anything.
Important: The Code Must Be Entered at Sign-Up
Unlike some platforms, KOHO does not allow referral codes to be entered after your account has been created. The code KOHOBONUS40 must be entered during the registration process — it can't be applied retroactively.
If you've already created an account without a code, the bonus is unfortunately not available for that account.
What KOHO Actually Is
KOHO is a Canadian fintech company offering a prepaid Mastercard paired with a spending account. It's not a bank — deposits are held by Peoples Bank of Canada, a federally regulated Schedule 1 bank, and are CDIC insured up to $100,000.
Because KOHO is a prepaid card rather than a credit card, there's no credit check to apply and no risk of interest charges. You load money onto the card and spend what you have. It works everywhere Mastercard is accepted.
Cashback is built into every plan. On the free tier, you earn 1% back on groceries and transportation automatically. Paid plans unlock higher rates and more categories.
Savings tools round up your purchases to the nearest dollar and set the difference aside in a savings goal. Small amounts add up over time without requiring any active effort.
Credit Building is an optional add-on that reports your monthly repayments to Equifax, helping you build a credit score without a hard inquiry or a traditional credit card.
KOHO's Plans: Free vs Paid
KOHO has four tiers:
Free — No monthly fee. 1% cashback on groceries and transit. Basic savings tools. This is where you start, and it's perfectly functional for most people.
Essential ($4/month) — Adds a higher interest rate on your balance, 1% cashback on groceries and dining, and includes credit building.
Extra ($9/month) — Bumps cashback to 2% on groceries and dining, adds financial coaching, and includes price matching on groceries.
Everything ($19/month) — Maximum cashback rates, zero foreign transaction fees, and a full suite of premium features.
The $40 referral bonus is available on any plan. Most people start on the free tier and upgrade if they find themselves using KOHO heavily enough to justify it.
Is KOHO Worth Keeping After the Bonus?
KOHO earns its place as a secondary card for most Canadians. It's not trying to replace your main bank account — it works best alongside one.
The most common use case: load a set amount onto KOHO each month for discretionary spending (groceries, coffee, restaurants), earn cashback passively, and use the savings round-up to build a small emergency fund or short-term goal. The no-fee structure means there's no cost to keeping it even if you use it lightly.
If you're building credit, the Credit Building add-on is one of the more affordable ways to do it in Canada without needing to qualify for a secured credit card.
How KOHO Compares to Other Canadian Banking Bonuses
KOHO's $40 bonus is the fastest to claim on the Canadian fintech landscape right now — one purchase and you're done, typically within a day or two of signing up.
For comparison:
- Neo Financial pays $35 across two products (Neo Money + Mastercard) — slightly more effort but slightly less total
- Simplii Financial pays $50 with a $100 deposit held for 30 days — higher payout, longer wait
- Wealthsimple pays $25 for a $100 investment deposit — different category but worth stacking
None of these conflict with KOHO. It's a prepaid card, so it doesn't replace a bank account or a credit card — you can hold all of them and claim all the bonuses.
Looking for more Canadian sign-up bonuses? Browse all current referral codes across banking, investing, and crypto.