Mylo Financial Technologies closes $2m Seed round

Canada-based spare change platform Mylo Financial Technologies has closed its seed funding round on CAD $2m ($1.6m).

Participants to the financing round included Desjardins Capital, Robert Raich and Ferst Capital Partners. Alongside this CAD $2m Seed round, the company announced it will receive a further CAD $500,000 ($400,000) in coming months.

Mylo is an investment platform that encourages Canadians to make small investments, allowing anyone to start with just $1. The platform utilises a user’s ‘spare change’ to make a diversified investment portfolio to encourage them to start saving.

The solution helps to automatically invest by rounding up a purchase to the nearest dollar, and then investing the extra money. The company’s AI solution creates personalised insights to help consumers to make better financial decisions.

Equity received will be used to scale the company’s operations and to develop its backend technology. The company hopes to become a full-service AI-driven personal finance management solution, helping Canadians with their finances.

Desjardins Capital associate vice-president Jacques Perreault said, “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 paycheque 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.”

This funding round brings the company’s total funding efforts to around $3.2m.

Last year, Desjardins Capital partnered with Canada-based La Caisse de dépôt et placement du Québec to launch a FinTech investment vehicle. The fund will have a $75m goal, with both investors contributing $25m. Together, the fund will look to invest in FinTech and finance-focused AI companies in Qubec and Canada.

The top 10 FinTech deals in Canada last year, raised more than $300m, with the largest investment being FreshBooks’ $45.1m round.   

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