Mylo raises $750,000 for platform that invests your spare change

mylo

Montreal-based Mylo has raised a $750,000 pre-seed round from Ferst Capital Partners, with the participation of FinTech angel investors.

The company raised $500,000 at the ideation stage from Ferst Capital Partners in January 2016, and this round brings Mylo’s total funding to $1.25 million. The platform rounds up users’ purchases and invests the spare change to reach financial goals, and provides personalized insights and recommendations to help users make better financial decisions.

Mylo launched its iOS beta version in February 2017, and plans to use the funding to grow its technical and operating teams and launch its iOS and Android versions publicly.

“We have been extremely fortunate to have over 10,000 Canadians join our waitlist. We are currently onboarding these users onto our iOS beta program offered through TestFlight,” said Phil Barrar, founder and CEO of Mylo.

Barrar emphasizes that the platform promotes financial inclusion, as it gives underbanked and low-income populations an accessible savings solution.

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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. With no initial or minimum required account opening balances, this is a first for Canada and we are very proud,” said Barrar. “Where Mylo initially provides users a solid foundation for effective personal finance management through consistent savings and investing, we are taking it to the next level by leveraging data and AI to ensure that our users have access to the most appropriate financial services, including insurance, mortgages insurance, credit, and loans.”

The company also plans to use the funding to acquire a registered asset management platform, which Barrar says will help lower costs and give the company more control over an “important” aspect of the business.

Specifically, Barrar says it will provide professional portfolio management services at little cost, a unique portfolio for each specific goal, and fractional ownership of ETFs.

“Ultimately, our purpose at Mylo is to leverage technology to address the important needs of those people who have traditionally been left on the sidelines or worse, pushed generic, expensive and non-appropriate solutions and services,” he said.