Montreal-based saving and investing app Mylo is rebranding to Moka and expanding to France.
“We’re expanding to France to help millennials save more, spend less, and invest smarter,” said CEO Phil Barrar. “We’re excited to grow our company by evolving the product and expanding to another market under a new global name.”
Moka previously launched in 2017 as Mylo with a social mission to help millennials achieve their financial goals. The app has since been downloaded by over 750,000 Canadians.
The app will now launch in France, home to 17 million millennials. Moka wrote in a release that two thirds of French millennials have anxiety about achieving their goals, half struggle to save, and two thirds (65%) feel traditional banks don’t offer
investing services that cater to their needs. That’s according to a survey Moka conducted with Opinion Way.
Barrar said France is just the first of several countries where Moka will operate in Europe.
“We’re a proudly Canadian company, but we needed a name that resonates around the world in every language and country,” he said.
Moka features a roundup function, which automatically rounds up daily purchases and invests the spare change in personalized, diversified portfolios of low-cost Exchange-Traded Funds (ETFs). To start saving and investing, users simply link an existing debit or credit card to the app and live the life they want.
The company is in the process of acquiring an asset management firm that will open and manage affordable investment portfolios for users across Europe. In Canada, Tactex Asset Management will continue to manage $200 million in assets for Canadian clients.
Moka is also rolling out an upgraded rewards program that will deliver discounts and cashback offers for popular brands like Uber Eats, Apple Music, HelloFresh, Staples and more. They say the program, called Moka Perks, will help offset the app’s $3 per month fee in Canada.
The company is also developing new ways to help users reduce expenses, pay off debt, and save more when they spend.
To celebrate the rebrand, Moka is launching a new website at moka.ai and offering a free $10 credit to Canadians who open a new account using the promo code MOKA10. French users can register for early access to Moka and get one month free by joining the waitlist.