Mylo raises $10m Series A from major Canadian financial institutions
Mylo, the Montreal-based fintech, has secured $10 million 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.
This fundraising marks two years of rapid growth for Mylo.
“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,” says 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.”
The investment by National Bank reinforces the institution’s commitment to innovation.
“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,” says 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 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, nine 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,” says 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.
