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Kobo has a subscription program called Kobo Plus. Much like Kindle Unlimited except no limit on the number of books you can have (currently I have ~350) and the author is paid based on time spent reading not pages turned. Quite a few of my spouse's favourite authors have moved to it since unlike KU, there is no exclusivity requirement.
The existence of Kobo Plus does not stop you from buying an ebook (strictly speaking, buying an ebook license) and either syncing it to your Kobo ereaders or downloading it from Kobo's web page either as an ePub if no DRM or an Adobe ACSM file if DRM is used.
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