Mylo Financial Technologies, a Montreal, Canada-based fintech startup that offers a mobile personal finance platform, raised $750K and completed its $1.25m pre-seed financing round.
The round was led by Ferst Capital Partners (FCP) with participation of angel investors.
The company intends to use the funds to grow its technical and operations teams, expand its user base and complete the acquisition of a registered asset management firm.
Led by Philip Barrar, CEO and Founder, 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 for users to make better financial decisions, optimize users’ insurance coverage, reduce interest payments, maximize travel points and more.
Launched its iOS beta version in February 2017, Mylo is currently onboarding its 11,000+ waitlist users onto the platform.