Fintech app lets Canadians invest spare change

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 ETFs.

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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accelerate their savings by making one-time deposits into their Mylo account, called Boosts, and invested funds can be withdrawn from a user’s account at any time.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.

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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.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.