Mylo Financial Technologies Inc. has announced the closing of $1.25 million pre-seed financing round led by Ferst Capital Partners.
Mylo raised $500,000 at the ideation stage from Ferst Capital Partners in January 2016 as one of its Foundry startups. It raised an additional $750,000 in May 2017.
Founded in 2016, Montreal based Mylo is financial technology (FinTech) startup that offers a mobile personal finance platform to help Canadians achieve their financial goals.
Mylo is a mobile platform that automatically rounds up every purchase that users make and invests the spare change so that they can achieve their financial goals. Then, once plugged in, Mylo uses artificial intelligence to provide personalized insights and recommendations so that the users can make better financial decisions. Mylo helps optimize users’ insurance coverage, significantly reduce interest payments, maximize travel points and more.
“I founded my first company fresh out of university, so I experienced first-hand the challenges of managing my money on an entrepreneur’s budget,” said Philip Barrar, CEO and founder of Mylo. “Many Canadians have difficulty achieving their financial goals because managing one’s personal finances is complicated, time consuming and for many, inaccessible. Mylo is working hard to change this.”
“Mylo is solving a fundamental problem and providing financial inclusion through a complete re-imagination of what the future of personal finance management will be. They have put together an incredible team, developed the technological foundation and are innovating in an important way,” said Jay Ferst, Managing Partner at Ferst Capital Partners.