Mylo, which rounds up users’ purchases and invests the spare change, has officially launched its app for iPhone.
Through the app, users can open an account in three minutes and set a financial goal. The money is managed by a registered portfolio manager and invested in a diversified portfolio of Exchange Traded Funds.
“Forty percent of Canadian millennials avoid investing because they lack financial knowledge, which ultimately prevents them from achieving their financial goals,” said Mylo CEO Philip Barrar. “With Mylo, we are leveling the playing field by providing a saving and investment platform that is automated and stress-free. Users, with as little as $1 available to save and invest, can benefit from the same professional advice and low cost as experienced investors with hundreds of thousands in assets.”
The company plans to release its Android app later this summer.