Canadian banks invest in spare change app Mylo

Canadian banks invest in spare change app Mylo

Canadian spare change saving and investing app Mylo has raised $10 million in a Series A funding round led by by National Bank's corporate venture capital arm, NAventures, with follow-on investment from Desjardins Capital, Ferst Capital Partners and Tactico.

Launched in July 2017, Montreal-based Mylo has recruited over 450,000 Canadians to its automated savings and investment app.

In January, the firm launched Mylo Advantage, a $3/month premium package that includes access to registered accounts, socially responsible investing options, next-day withdrawals and monthly cashback Perks from millennial-friendly brands like Netflix and Foodora.

"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."

The latest round bring the the company's total funding to $14 million. The firm says it will use the new capital to develop new products and spur recruitment for international expansion.

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