Mylo is a saving and investing app that helps users reach financial goals by rounding up purchases and investing spare change, using machine learning with financial and transactional data to deliver personalized recommendations. The app launched in July 2017 and has attracted more than 450,000 Canadians creating accounts in two years. Mylo offers the Mylo Advantage suite—features include TFSAs, RRSPs, socially responsible investing, next-day withdrawals, and cashback perks—and reports about 90% of Advantage customers opening a TFSA. Prior to launch the company acquired Tactex Asset Management, which managed over $140 million in assets under management at the time. Mylo plans to use its new capital to build additional products, hire across departments, and expand within Canada and internationally, including exploring open banking opportunities in Europe. The company emphasizes being agnostic to users’ existing banking services to supercharge existing banking relationships. Mylo is a Canadian mobile app in beta that automatically rounds up users' purchases and invests the spare change. The app charges users $1 per month. In addition to roundup investing, Mylo says it helps optimize insurance coverage, reduce interest payments and maximize travel points. The article compares Mylo to services such as Moneybox and Zensure. Mylo raised $750K in new funding, bringing its total funding to $1.25M. The seed investment was led by fintech investment arm Ferst Capital Partners, which has previously backed Covera and Zensurance.

Total raised

$11M

Funding rounds

2

Latest round

Series A

Latest activity

Nov 2019