Montreal-based Mylo has acquired Tactex Asset Management in a push to launch and manage its own investment funds.
With the acquisition, Mylo will also acquire Tactex’s client asset book of $110 million and nine portfolio managers. The company said that the acquisition will also help it save on operational costs and communicate with its customers under one brand.
“This deal accelerates our mission to promote financial inclusion,” said Mylo CEO Philip Barrar. “It means that our users, with as little as $1 available to save and invest, get the same professional advice and low cost as those who have hundreds of thousands. By combining this with the technology we’re building through AI insights using proprietary transactional and cash flow data, we are better positioned to help our users achieve their financial goals.”
Mylo’s platform rounds up users’ purchases and invests the spare change to reach financial goals. In May, Mylo raised a $750,000 seed round, and said it was using part of the funding to acquire a registered asset management platform to provide professional portfolio management services.
Tactex Asset Management has been providing portfolio management services to both retail and institutional investors and managing numerous mutual funds since 2011.
“Our team is excited to join Mylo at the forefront of financial services innovation,” said Tactex CEO Liam Cheung. “We teamed up with Mylo because we agreed fully with their social mission to enable people to achieve their financial goals, and designed a solution to provide an extremely low-cost infrastructure for Mylo clients in a fully regulated firm with the capability to offer a large menu of fully advised services.”