Mylo Financial Technologies Inc. has raised $2 million in seed funding from Desjardins Capital, Robert Raich and founding investor, Ferst Capital Partners (FCP).
Mylo closed $1.25 million pre-seed financing round led by Ferst Capital Partners in May 2016. Mylo has a confirmed commitment for an additional $500,000 that will close in the months ahead, bringing the total seed round to $2.5 million.
Montreal based Mylo develops a fintech app that lets users round up their purchases and invest the spare change.
Mylo will use the funding to scale their operations and develop their backend technology to become a full-service AI-driven personal financial management (PFM) platform that helps Canadians invest in their future, regardless of income or net worth.
“Desjardins Group has been helping Canadians plan their futures for decades. We’re excited about how fintech solutions like Mylo can help respond to the financial needs of Canadians” said Jacques Perreault, Associate Vice-President,Technological Innovations at Desjardins Capital. “Mylo is making investing easy for all Canadians, regardless of the size of their paycheque or the amount they can afford to set aside, and we’re invested in the idea that everyone can and should be saving for their goals.”
With Mylo, Canadians can start investing with less than $1, automatically investing their spare change into a personalized, diversified portfolio of ETFs (Exchange-Traded Funds). Users set an investment goal during the signup process, for example a down payment on a house or a vacation. Mylo users can also accelerate their savings by making one-time deposits into their Mylo account, called Boosts, and invested funds can be withdrawn from a user’s account at any time. Since launching in July 2017, Mylo has experienced exponential growth and helped Canadians save and invest over $1 million by rounding up over 1.6 million daily purchases.
“We’re thrilled that Desjardins Capital, Robert Raich and Ferst Capital Partners share our vision of empowering Canadians to achieve their financial goals, and investing spare change is just the beginning,” said Philip Barrar, CEO and Founder of Mylo. “We’re focused on building the next generation of innovative technology, using AI in conjunction with financial data, to help Canadians improve all aspects of their financial lives. This partnership is a critical milestone in realizing that vision.”
Mylo acquired Tactex Asset Management in June 2017, making them the only automated, goal-based investing service to provide Canadians in every province with a professionally managed, diversified portfolio. Mylo launched their iOS app in July 2017 and the Android app was released last fall.
photo credit: Mylo