TORONTO, May 20, 2020 (GLOBE NEWSWIRE) — FinTech start-up KOHO provides Canadians a new era of no-fee banking, and today they are pleased to announce a partnership with fellow Canadian tech start-up Hyr that provides simplified in-app staffing solutions. KOHO will provide Hyr users early access to a portion of their pay at no cost.
“It’s always been our aim to deliver transparent and intuitive financial products to Canadians,” explains Daniel Eberhard, Founder and CEO at KOHO. “Now, we’re glad to be able to provide Hyr users with the buffer they may need to make purchases or payments in a time of financial strain, without having to resort to harmful loans or going further into debt.”
“We’re thrilled that two Canadian companies have come together to form this great solution for our users,” echoed Joshua Karam, Co-Founder and CEO at Hyr. “Together we’re working to support Canadians when it matters most and help reduce people’s reliance on payday loans.”
The Canadian Payday Loan Association reports that nearly 2 million cash-strapped Canadians use harmful payday loans each year. Data shows that roughly 45 percent of payday loan users borrow to cover necessary expenses such as car repairs or utility bills and 55 percent of payday loans are for $500 or less. This partnership with KOHO and Hyr aims to help Canadians avoid these predatory loans and maintain financial stability.
Hyr users can receive their paycheques directly to their KOHO account and after the first direct deposit, they will be eligible to access $100 of their pay early and at no cost or interest. What’s more, the early access to pay can come from any direct deposit source, whether it be Hyr or a government payment like Canadian Emergency Response Benefit or Employment Insurance.
As businesses begin to re-open in Canada, access to Hyr’s community of workers will become even more important. Businesses will be able to connect to reliable, rated workers, fast – and these workers, through KOHO, will now be able to access their earnings even faster.
About KOHO:
KOHO is a full-service chequing account that comes with a reloadable prepaid Visa card and integrated app. Users get real-time insights on their spending, no hidden fees, and cash back on every dollar spent.
About Hyr:
Hyr is Canada’s largest app-based staffing platform that instantly connects companies with skilled and experienced gig workers to fill hourly paid shifts.
Contact: Brittany Bell brittany@koho.ca