Mylo Financial Technologies is a Montreal-based fintech app that automatically rounds up users' purchases and invests spare change into personalized, diversified ETF portfolios. Led by CEO and founder Philip Barrar, the app lets Canadians start investing with less than $1, set investment goals, make one-time "Boosts", and withdraw invested funds at any time. Mylo acquired Tactex Asset Management in June 2017, launched its iOS app in July 2017 and released an Android app in fall 2017. The company raised CAD$2.5M in a seed funding round that included participation from Desjardins Capital, Robert Raich and founding investor Ferst Capital Partners. Mylo will use the proceeds to scale operations and develop its backend technology to become a full-service, AI-driven personal financial management (PFM) platform. The product targets Canadians seeking low-friction entry into investing through automated roundups and goal-based saving. Mylo is a mobile personal-finance platform that automatically rounds up users' purchases and invests the spare change toward financial goals. The app uses artificial intelligence to provide personalized insights and recommendations to optimize insurance, reduce interest payments, maximize travel points and improve overall financial decisions. Mylo launched an iOS beta in February 2017 and is currently onboarding more than 11,000 waitlist users onto the platform. The company plans to use newly raised funds to grow its technical and operations teams, expand its user base and complete the acquisition of a registered asset management firm. Led by CEO and founder Philip Barrar, Mylo is positioning itself to scale product development and customer acquisition in the near term. The company is based in Montreal, Canada.

Total raised

$3M

Funding rounds

2

Latest round

Seed

Latest activity

Jan 2018