Montreal-based fintech app Mylo has closed $2 million of seed funding, including participation by Desjardins Capital, Robert Raich and founding investor Ferst Capital Partners (FCP), it announced Tuesday.

The app lets Canadians start investing with less than $1 by rounding up their purchases and investing the spare change, which is automatically invested into a personalized, diversified portfolio of.

Read: Consumers want more digital communication from banks: survey

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accelerate their savings by making one-time deposits into their Mylo account, called Boosts, and invested funds can be withdrawn from a user’s account at any time.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 says it has helped Canadians save and invest more than $1 million by rounding up about 1.6 million daily purchases.

Read: Fintech investment remains strong: report

The company says it will use the funding to scale operations and develop backend technology. In addition to the $2 million of financing, Mylo has a confirmed commitment for an additional $500,000 that will close in the months ahead.

Mylo launched its iOS app in July 2017 and the Android app was released last fall.



Not all ETFs are created equal.

( Thoughtful design
+  sophisticated risk-management tools
+  global expertise)
x  Canada’s largest asset manager

=  RBC ETF’s

It all adds up to an ETF provider you can count on.

Learn more >>

Brought to you by

RBC Global Asset Management

Originally published on
Add a comment

Have your say on this topic! Comments are moderated and may be edited or removed by
site admin as per our Comment Policy. Thanks!