Fintech startup Mylo raises $10 million

Montreal-based fintech startup Mylo is forging ahead with a new $10 million series A round of funding from National Bank’s corporate venture capital arm, NAventures,.

The new funding brings Mylo’s total funding to $14 million. Follow-on investment in this round came from Desjardins Capital, Ferst Capital Partners and Tactico.

In a blog post, Mylo founder Phil Barrar revealed that his team will introduce new products to help Canadians’ financial wellbeing. Mylo will also use the new capital to hire actively across all departments, continue growing in Canada and expand internationally.

“We’re working on new products to help you overcome any financial roadblocks that stand in your way, whether it’s debt or a down payment,” wrote Barrar.

Mylo recently took aim at younger Canadians who aren’t investing in Tax-Free Savings Accounts (TFSAs). In January 2019, Mylo launched Mylo Advantage to offer access to smarter investing tools like TFSA and RRSP accounts. The $3/month premium service includes access to registered accounts (TFSAs and RRSPs), socially responsible investing (SRI) options, next-day withdrawals and monthly cashback Perks from millennial-friendly brands like Netflix and Foodora.

“Investing in a TFSA is the smartest way for most Canadian millennials to save, yet only about 40% of us have one. Since launching Advantage, 9 out of 10 new users have opened a TFSA. This is just one example that illustrates how Mylo can help Canadians make better financial decisions, and we’re just getting started,” said Barrar.

The new investment marks two years of rapid growth for Mylo.

“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,” said 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.”

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