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Mylo Raises $10M Series A From Major Canadian Financial InstitutionsCanada's "spare change" saving and investing app gets backing from National Bank and Desjardins Capital 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. 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. "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." 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," 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. To learn more about Mylo, and begin saving and investing, visit mylo.ai. Quick Facts
Mylo is the Montreal-based fintech that was founded with the social mission to help Canadians achieve their financial goals. 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. To date, over 450,000 Canadians have created accounts to save and invest with Mylo. Prior to launch, Mylo acquired Tactex Asset Management, which today manages over $140M in AUM. 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. About National Bank of Canada About National Bank NAventures About Desjardins Capital SOURCE Mylo |