Canada’s saving app Mylo banks $10m Series A

Ben Heathcote

In App Deals. November 12, 2019

Canadian fintech startup Mylo has secured $10 million in financing for its “spare change” saving and investing app. 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.

Based in Montreal, Mylo was founded with the social mission to help Canadians achieve their financial goals. The app, which was launched in July 2017, helps users automatically save and invest by rounding up their daily purchases. The platform claims to have attracted over 450,000 Canadians since its launch.

“Mylo’s mission has always been to help Canadians achieve their financial goals. 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.

“This investment from important strategic partners lets us start the next phase of our mission. Our team is focused on building innovative new products to help Canadians overcome any financial roadblocks that stand in the way of their goals.”

Mylo said the fundraising marks two years of “rapid growth” for the startup.

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.