Mylo Financial Technologies, a Canadian startup that rounds up users' purchases and invests their spare change, has launched a new charitable giving tool.
Mylo is working with CanadaHelps on the system, letting users support any of 86,000 registered Canadian charities by creating a donation goal in the Mylo app. Every time a user makes a purchase with a linked credit or debit card, Mylo will round up the transaction to the nearest dollar and donate the spare change to their pre-selected charity.
CanadaHelps research shows that while Canadians are making fewer charitable donations overall, online donations increased 22.5% per year between 2006 and 2015. The partners hope that their new tool will make it easier for Canadians to incorporate giving into their lives, while providing charities with a platform to attract donors.
Philip Barrar, CEO, Mylo, says: "Fewer Canadians are making annual charitable donations, and millennials feel their paycheque is a barrier to giving. We want to help them make change with spare change. With Round Up to Give, more Canadians will be able to afford to make donations on a recurring basis in an easy and automated way.”