Mylo has been validating their beta version since February, and today the company announced that they have launched on the App Store. The release comes not long after the news that Mylo had acquired Tactex Management in a reversal of Fintech industry norms.
— Mylo (@getmylo) July 6, 2017
The mobile personal finance management platform is currently exclusive to the App Store, but they expect to release the android version later this summer. By automatically rounding up each purchase users make, the app is helping Canadians who might not otherwise invest their money work towards financial goals.
With the iOS app, users can open a managed investment account in less than 3 minutes and create a financial goal. Users’ money is managed by a registered portfolio manager and invested in a diversified portfolio of low-cost Exchange-Traded Funds (ETFs) across thousands of issuers.
“Forty percent of Canadian millennials avoid investing because they lack financial knowledge, which ultimately prevents them from achieving their financial goals,” said Mylo CEO Philip Barrar. “With Mylo, we are leveling the playing field by providing a saving and investmentplatform that is automated and stress-free. Users, with as little as $1 available to save and invest, can benefit from the same professional advice and low cost as experienced investors with hundreds of thousands in assets.”
When the iOS app was designed, privacy and ease-of-use were foundational.
“We have put in place the same security measures as any major Canadian bank to ensure your information is never at risk,” said Mylo CTO Loïc Bertron. “Mylo users can expect continuous enhancements in the next versions of our app, including AI-driven insights using proprietary user transactional and cash flow data.”