Montréal financial technology startup Mylo has closed its pre-seed financing at $1.25 million. The close resulted from a new $750,000 investment by Canadian fintech venture capital firm Ferst Capital Partners, the round’s leader. Several angel investors also joined the deal. Founded in 2015 by CEO Philip Barrar, Mylo has developed a mobile platform that automatically rounds up every purchase that users make and invests the spare change. It plans to use the funds raised to grow technical and operations teams, expand its user base, and complete the acquisition of a registered asset management firm.
Canadian FinTech startup Mylo launches mobile app and raises $1.25M
Ferst Capital Partners and leading FinTech angel investors back Mylo to help Canadians achieve their financial goals
MONTREAL, QUEBEC–(Marketwired – May 23, 2017) –
Mylo Financial Technologies (Mylo), a Montreal-based FinTech startup that offers a mobile personal finance platform to help Canadians achieve their financial goals, has successfully raised $750K and completed its pre-seed financing round. This latest raise brings Mylo’s current financing to $1.25M, led by Ferst Capital Partners (FCP) with the participation of leading FinTech angel investors.
“I founded my first company fresh out of university, so I experienced first-hand the challenges of managing my money on an entrepreneur’s budget,” says Philip Barrar, CEO and Founder of Mylo. “Many Canadians have difficulty achieving their financial goals because managing one’s personal finances is complicated, time consuming and for many, inaccessible. Mylo is working hard to change this.”
The company raised $500K at the ideation stage from Ferst Capital Partners in January 2016 as one of its Foundry startups. It has raised an additional $750K in May 2017, closing its pre-seed round of $1.25 million.
“Mylo is solving a fundamental problem and providing financial inclusion through a complete re-imagination of what the future of personal finance management will be. They have put together an incredible team, developed the technological foundation and are innovating in an important way,” says Jay Ferst, Managing Partner at Ferst Capital Partners.
Mylo, which launched its iOS beta version in February 2017 and is currently onboarding its 11,000+ waitlist users onto the platform, plans to use this funding to grow its technical and operations teams, expand its user base and complete the acquisition of a registered asset management firm.
About Mylo Financial Technologies:
Mylo is a mobile platform that automatically rounds up every purchase that users make and invests the spare change so that they can achieve their financial goals. Then, once plugged in, Mylo uses artificial intelligence to provide personalized insights and recommendations so that the users can make better financial decisions. Mylo helps optimize users’ insurance coverage, significantly reduce interest payments, maximize travel points and more. www.mylo.ai
About Ferst Capital Partners:
Ferst Capital Partners (FCP) is an investment firm on the forefront of change. As investors, we provide strategic capital and support to FinTech startups. As a startup studio, we support the next generation of emerging FinTech entrepreneurs who are working hard to improve the financial lives of all Canadians. We focus on how Canadians spend, save, borrow, insure and invest their hard-earned money because we believe these things are important. www.ferstcapital.com
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Photo courtesy of Mylo Financial Technologies