Tech start-ups KOHO and Hyr partner to bring Canadians sooner rather than later
TORONTO, May 20, 2020 (GLOBE NEWSWIRE) – FinTech startup KOHO is bringing Canadians a new era of toll-free banking, and today they are pleased to announce a partnership with another Canadian tech startup Hyr, which provides application recruiting solutions. KOHO will provide Hyr users with early access to a portion of their paycheck at no cost.
“Our goal has always been to provide transparent and intuitive financial products to Canadians,” explains Daniel Eberhard, Founder and CEO of KOHO. “Now we’re happy to be able to provide Hyr users with the buffer they may need to make purchases or payments during times of financial stress, without having to resort to damaging loans or take on more debt. “
“We are delighted that two Canadian companies have come together to form this great solution for our users,” said Joshua Karam, co-founder and CEO of Hyr. “Together, we are working to support Canadians when it matters most and help reduce people’s reliance on payday loans.”
The Canadian Payday Loans Association reports that nearly 2 million cash-strapped Canadians use damaging payday loans each year. Data shows that about 45% of payday loan users borrow to cover necessary expenses such as car repairs or utility bills and 55% of payday loans are $ 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 paychecks directly to their KOHO account and after the first direct deposit they will be able to access $ 100 of their pay in advance and without fees or interest. Plus, early access to payment can come from any direct deposit source, whether it’s Hyr or a government payment like the Canada Emergency Benefit or Employment Insurance.
As businesses begin to reopen in Canada, access to the Hyr worker community will become even more important. Companies will be able to quickly connect to trusted and valued workers – and those workers, through KOHO, will now be able to access their income even faster.
KOHO is a full-service chequing account that includes a reloadable prepaid Visa card and a built-in app. Users get real-time information on their spending, no hidden charges, and cash back on every dollar spent.
Hyr is Canada’s largest app-based staffing platform that instantly connects businesses with skilled and experienced workers to fill hourly paid shifts.
Contact: Brittany Bell [email protected]