The Globe and Mail reports in its Thursday edition that financial-technology players are entrenched in lending and investing. The Globe's Clare O'Hara writes that fintech competition is now shifting into the deposit-taking business with the launch of mobile bank Koho in January. Similar to Scotiabank's Tangerine and CIBC's PC Financial, the Koho platform is touting day-to-day banking transactions that include direct deposits, bill payments and electronic money transfers -- all for free. Users can deposit money using an e-mail transfer, an on-line form for paycheques or by simply taking a photo of a cheque. It then works like a debit card. Koho makes its money when purchases are made on the card. A portion of the purchase is paid directly by the merchant to Koho. It usually works out to about 1.5 per cent of the total amount of the purchase. Through a partnership with Visa and People's Trust Co., clients will be able to get physical cash out of their accounts through Visa prepaid cards, including access to 8,500 automated bank machines run through the DC Bank network. Its backers say Koho offers automatic goal savings and on-line daily budgets to provide more transparency around spending habits.