Canadian FinTech startup Mylo launches mobile app and raises $1.25M

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Digital Journal | 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

To schedule interviews, please contact:
Philip Barrar
Chief Executive Officer
Mylo Financial Technologies
pbarrar@mylo.ai

Laviva Mazhar
Senior Analyst
Ferst Capital Partners
lmazhar@ferstcapital.com

SOURCE: fMarketwired (view release)

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