Fintech company KOHO has introduced two new services aimed at renters: rent reporting and tenant insurance. The offerings are designed to make credit building and insurance protection more accessible to KOHO’s members.

The rent reporting feature allows KOHO members who pay their rent through the platform to have these payments reported directly to credit bureaus. The initiative provides renters with an opportunity to build their credit history – a benefit previously reserved for those with mortgages.

In addition to this, KOHO has launched tenant insurance to provide coverage in case of emergencies.

Members enrolled in KOHO’s Everything plan and covered by tenant insurance will also receive a 0.25% cashback on each rent payment made through KOHO, which is automatically credited to their accounts. The new features are seamlessly integrated into the KOHO app.

The tenant insurance is available to KOHO members in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario. The policy, offered in partnership with Walnut Insurance, features premiums starting at just $22 per month.

Read more: Tenant insurance in Canada: How to protect your possessions

Daniel Eberhard (pictured), founder and chief executive of KOHO, noted: “Roughly 40% of Canadians rent. The idea that paying a mortgage counts towards building credit but paying rent doesn’t, is an outdated view of the world. We’re thrilled to bring rent reporting to our users.

“More than that, we’re adding tenant insurance and the first cashback-on-rent program in Canadian history. Newcomers, younger Canadians and all renters deserve equal opportunities at building wealth. We’re so excited to play a small role in that.”

What do you think about this story? Share your thoughts in the comments below.