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If you’d like to make some extra money, there are now many rewards-based financial platforms that give you cash rewards for helping them grow their customer base. Some of the best refer-a-friend programs in Canada include companies you know like Wealthsimple and KOHO.

These platforms let you to make extra money by successfully referring new clients to their app or website. These referral programsl or refer-a-friend programs, rely on your social network to add new clients.

All you need is your own account with the platform, a referral code, and your friends and family’s email addresses. Here is how KOHO’s referral program works.

But First, Who is KOHO?

KOHO is a free spending and savings account that’s available to all Canadians. When you sign up, you get a special KOHO prepaid Mastercard (formerly Visa) and mobile app that you can use to budget, save and earn up to 6% cash back on eligible purchases.

Since KOHO partnered with Mastercard, reaches coast to coast, and is backed real investors like:

  • Drive Capital
  • TTV Capital
  • Portag3
  • BDC
  • Round13     

KOHO Refer a Friend Program Overview

Here’s a quick overview of the KOHO referral program so you can compare it to others:

How much can you get?$20 for both users and friends. Up to $1,000 for 50 successful referrals
How many people can you refer?Up to 50 
How will you receive the cash?Direct deposit to KOHO account
How can you refer a friend?Find your referral code
Ensure that your friend has a KOHO account
Ensure they make their first purchase (minimum $20) within 30 days of creating their account

KOHO Refer A Friend Lets You Invite Up To 50 People

The Refer a Friend program is a perk you’re entitled to as a KOHO client. Basically, if you get someone to sign up for their own KOHO account and spend $20 within 30 days, both of you will earn $20.

You can do whatever you want with the money. You can withdraw it, spend it on something you want, or manage your debt.

The maximum number of people you can refer is 50, for a maximum of $1,000 in bonus cash. When a friend signs up, they permanently hold one of your referral slots.    

How To Refer a Friend On KOHO

The KOHO Refer a Friend program is simple. All you have to do is:

  1. Log into the KOHO app and find your valid “referral code” 
  2. Get your friend to create and verify a new KOHO account using that code
  3. Make sure they spend at least $20 on their KOHO Mastercard within 30 days  

What If You Don’t Receive Your Referral Bonus?

What if you’re still waiting for your $20 referral bonus? It could be because your friend hasn’t signed up for their account or spent at least $20 on their Mastercard within 30 days of it yet.

In that case, they can easily create an account online, in-app, or in-person at a branch of the Peoples Trust credit union (since KOHO has no physical branches). 

Once your friend uses your referral code and makes an eligible purchase with their card, both of you will receive a $20 bonus to your KOHO account within 24 hours.   

What Does KOHO Offer?

Furthermore, once you successfully refer a friend to KOHO, they’ll have access to an all-inclusive spending and savings account, with a reloadable Mastercard that’s accepted at over 24 million locations, across 210 countries. Other appealing features of KOHO include:   

Earn Cash Back

KOHO gives users 1% – 6% cash back on select purchases. Clients who sign up for the KOHO Easy (free) account will earn 1% cash back on eligible groceries, bills and services. Rates for higher-tier KOHO accounts are:

  • KOHO Essential
    • 1% on the above items, plus eligible Food & Drink
    • 0.25% on every purchase
  • KOHO Extra
    • 2% on the above items, plus eligible Food & Drink
    • 0.5% on every purchase
    • 6% on purchases 
  • KOHO Everything
    • Same rates as the KOHO Extra

Earn Interest

Your friend will also be able to build interest on the entire balance they keep in their KOHO account, including their Spendables, RoundUps, and Savings Goals. Rates currently vary from 0.5% to 4%, depending on the account:

  • 0.5% for KOHO Easy
  • 1.5% for KOHO Essential
  • 2% for KOHO Extra
  • 4% for KOHO Everything   

Optional Credit Building Service

KOHO’s credit building program offers 3 interest-free ways for someone to grow or fix their credit history in Canada. There are no deposits, credit checks, or applications required.

Basically, your friend just has to make responsible payments using their money or one of these solutions:

  • Regular Credit Building with a KOHO line of credit
  • Flexible Credit Building with a secured line of credit
  • Supercharge their credit history with both products      

There Are No Fees (Unless You Upgrade)

One of the best things about KOHO is that their Easy account is free, except for a $1.00 monthly inactivity fee and a 1.5% foreign exchange fee on non-Canadian transactions. Their other accounts cost:

  • KOHO Essential = $4 a month ($48 a year)
  • KOHO Extra = $9 a month ($84 a year)

KOHO Everything = $19 a month ($177 a year)

Is KOHO Safe?

Yes. KOHO was established in 2017 and is partnered with some of Canada’s largest financial institutions, including Mastercard. Plus, the funds in your KOHO account will be held by the Peoples Trust Company. Since they are a member of the Canada Deposit Insurance Corporation (CDIC), you’ll be protected for up to $100,000 if KOHO goes insolvent.     

Want To Earn More Money? Consider KOHO!

So, not only does KOHO offer a free spending and savings account with cash back, they have a Refer a Friend program where you can earn up to $1,000 in bonus cash. Check out their website or visit your local Peoples Trust branch to learn about KOHO accounts, Mastercards, and benefits. For more details about KOHO go to the Loans Canada blog.       

KOHO Refer-A-Friend FAQs

How can I find my personal referral code in-app?
Once you download and log into the KOHO app, you can find your referral code by clicking on the “Perks” tab. Then, you simply have to share the code with your friend and ask them to spend at least $20 on eligible purchases within 30 days of signing up.    
When should my referral code be used?
If you’re sent a KOHO referral code, just enter it as the last step of the sign-up process. 
How can I reach KOHO?
If you have any questions or problems about your account or prepaid card, you can contact the KOHO customer service department 24 hours a day, 7 days a week by: Email: (or if you have a fraud issue) Phone: 1-855-564-6999 (KOHO-999) KOHO App Chat 
Can KOHO give me my free credit score?
KOHO does not offer you a free credit score. You can get your free credit score from Equifax, TransUnion or from third-party providers like Loans Canada’s Compare Hub.
Bryan Daly avatar on Loans Canada
Bryan Daly

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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