Canadian Mylo Announces $1.25M Seed Round To Do Wonders With One’s Spare Change

Canadian Mylo announced it has raised $750K bringing its total funding to date to $1.25M . Mylo, which is in beta, is a mobile app that automatically rounds up every purchase that users make and invests the spare change in financial products. But it will cost you – a dollar a month. According to the startup, the app also helps optimize users’ insurance coverage, reduce interest payments, maximize travel points etc…Sounds a bit like Moneybox and Zensure. The investment was led by fintech investment arm Ferst Capital Partners, which has previously backed Covera and Zensurance. Here’s a look at the flow:

Bottom Line: not to be confused with Lockton’s Mylo.

Recall 2017 insurance-related investments here.