montreal, nov. 5, 2019 /cnw telbec/ – mylo, the montreal-based fintech, has secured $10m in financing for its app that helps canadians automate their saving and investing. with over half a million canadians creating accounts to save and invest on our platform in only two years, we know we’re on the right track,” said mylo founder and ceo, phil barrar. our team is focused on building innovative new products to help canadians overcome any financial roadblocks that stand in the way of their goals.” “investing in a tfsa is the smartest way for most canadian millennials to save, yet only about 40% of us have one. 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.
the company launched its automated savings and investment app in july 2017, and is now focused on building a suite of other innovative products to help canadians. mylo has now raised a total of $14m in funding, most notably from national bank and desjardins capital, two of canada’s biggest financial institutions. it has nearly 25,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. about national bank naventuresnaventures, the corporate venture capital arm of national bank of canada, takes equity stakes in startups and growing businesses to foster growth in companies that will shape the financial institutions of the future. with assets under management of c$2.5 billion, desjardins capital helps contribute to the longevity of some 500 companies, cooperatives and funds in various sectors from across quebec.
launched in 2017, moka is on a mission to help its users achieve their financial goals through its savings and investing app. “the moka app automatically rounds up your everyday purchases and invests the spare change, which makes it possible for everyone to start investing with no minimum investment, lifestyle change or financial knowledge required.” since launching moka’s app has been downloaded by 750,000 canadians.
in fact, we’re working on some innovative new features that will help you reduce expenses, pay down debt and save more when you spend.” barrar then added that he and his team are developing new products powered by ai and human expertise that will reduce expenses, accelerate debt repayment, provide financial coaching, and deliver valuable cashback rewards. crowdfund insider is the leading news and information website covering the emerging global industry of disruptive finance including investment crowdfunding, blockchain, online lending, and other forms of fintech.
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