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accelerate their savings by making one-time deposits into their Mylo account, called Boosts, and invested funds can be withdrawn from a user’s account at any time.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