Mylo, the goal-based investing app, will provide TFSAs, RRSPs, and socially responsible investing options through a new premium service called Mylo Advantage.
The company's newest offering furthers its social mission to help Canadians achieve their financial goals by delivering an effortless way to save while investing, thanks to tax-free accounts, and by providing ethical investing options.
Since launching in 2017, Mylo has made investing easy and accessible by rounding up user transactions and investing their spare change in diversified, fully-managed portfolios of ETFs for a flat monthly fee, no minimum investment required.
"Mylo's mission is to help Canadians improve their financial future. Opening a TFSA is one of the smartest ways millennials can save and invest, yet only about one third of this generation has one. As more people turn to Mylo as their primary saving and investing platform, it's clear that providing registered accounts is an important way we can help," says Phil Barrar, founder and CEO.
Another major feature of Mylo Advantage is socially responsible investing. "Eighty percent of our users are millennials and are part of a generation that wants to make a positive impact with their investments," says Barrar.
To provide investing services that align with millennial values, Mylo is launching a socially responsible investing option for Mylo Advantage users. The Mylo SRI Fund will invest in ETFs comprising companies that comply with environmental, social and corporate governance rating criteria, prioritize gender diversity, reduce their carbon footprint, and work to uphold UN Sustainable Development Goals.
Mylo Advantage is offered through the original Mylo app and gives users access to the following features for a flat $3 monthly fee:
- Registered accounts (TFSAs and RRSPs)
- Socially responsible investing
- Rewards from select partners with a value that will exceed the monthly fee
- Free next-day withdrawals via Interac eTransfer
- All the classic Mylo features, including roundups, recurring deposits and Round Up to Give