Mylo raises $10M
Montreal-based Mylo Financial Technologies has secured $10M in financing for its app that helps Canadians automate their saving and investing. The Series A round was led by National Bank’s corporate venture capital arm, NAventures, with follow-on investment from Desjardins Capital, Ferst Capital Partners and Tactico. This brings the company’s total funding up to $14M.
“We see great alignment between Mylo’s mission and our own focus on providing individuals with the digital tools they need to manage their finances,” said Igal Ohayon, Director of Venture Capital at NAventures. “National Bank is well-positioned to support Mylo’s growth and contribute to Canada’s fintech ecosystem, while also working to strengthen its own offering.”
This fundraising marks two years of rapid growth for Mylo, boosted by the January 2019 launch of Mylo Advantage. The $3/month premium service includes access to registered accounts (TFSAs and RRSPs), socially responsible investing (SRI) options, next-day withdrawals and monthly cashback Perks from millennial-friendly brands like Netflix and Foodora.
“Investing in a TFSA is the smartest way for most Canadian millennials to save, yet only about 40% of us have one. Since launching Advantage, 9 out of 10 new users have opened a TFSA. This is just one example that illustrates how Mylo can help Canadians make better financial decisions, and we’re just getting started,” said Barrar.
In addition to developing new products, Mylo will use the new capital to hire actively across all departments, continue growing in Canada and expand internationally.