Canadian fintech Mylo Financial Technologies has raised CAD2m ($1.6m) in a seed funding round featuring Ferst Capital Partners and Desjardins Capital, among others. Mylo also secured an additional CAD500,000 in funds that are still to close. The company is looking for more partners who can help it scale up its business model, which includes offering financial services such as savings accounts, credit cards or loans through mobile apps. The cash injection will be used to expand the firm into a full-service personal financial management platform.
Canadian fintech Mylo Financial Technologies has raised CAD2m ($1.6m) in a seed funding round featuring Ferst Capital Partners and Desjardins Capital, among others. Mylo also secured an additional CAD500,000 in funds that are still to close. The Montreal-based company offers people the chance to invest less than CAD1 in a diverse portfolio of exchange-traded funds by allowing them to round up the cost of everyday purchases and invest the difference. The cash injection will be used to expand the firm into a full-service personal financial management platform.