The company also has a confirmed commitment for an additional C$500,000 that is expected to close in the months ahead, bringing the total to C$2.5 million in seed funding.
Mylo is a fintech app that helps Canadians save by letting users round up their purchases and invest the spare change. It uses artificial intelligence (AI) to provide personalised insights and recommendations so that users can make better financial decisions.
Philip Barrar, CEO and founder, said:
“We’re focused on building the next generation of innovative technology, using AI in conjunction with financial data, to help Canadians improve all aspects of their financial lives. This partnership is a critical milestone in realising that vision.
“We’re thrilled that Desjardins Capital, Robert Raich and Ferst Capital Partners share our vision of empowering Canadians to achieve their financial goals, and investing spare change is just the beginning.”
Jacques Perreault, associate vice-president of Technological Innovations at Desjardins Capital, added:
“Desjardins Group has been helping Canadians plan their futures for decades. We’re excited about how fintech solutions like Mylo can help respond to the financial needs of Canadians. Mylo is making investing easy for all Canadians, regardless of the size of their paycheck or the amount they can afford to set aside, and we’re invested in the idea that everyone can and should be saving for their goals.”
Mylo, based in Montreal, will use the funding to scale its operations and develop its backend technology. The company launched its iOS app in July 2017 and the Android app was released last autumn.