LETTER

Another milestone reached: Why Mylo’s $10 million financing is a win for you

We started Mylo to respond to a serious issue affecting Canadian millennials. For a variety of reasons, most of us struggle to save money, causing us to delay major life milestones like moving out, buying a house, getting married or having kids. We believe that everyone should have an equal opportunity to save and invest towards their financial goals, regardless of their income, financial savvy or the resources at their disposal.

That was two years ago, and we’re thrilled to report that since then, nearly half a million Canadians have created accounts to automate their savings and investments with Mylo.

We’re also excited to announce today that Mylo has raised an additional $10 million in funding, thanks to our new lead investors at NAventures, National Bank’s corporate venture capital arm, and the ongoing support of our existing partners, including Desjardins Capital, Ferst Capital Partners and Tactico Inc., which also invested in this round. 

Since closing the financing, I’ve been asked several times about what this means for Mylo. While there will definitely be some exciting new developments, the important things will never change. 

Our mission remains the same: to help you achieve your financial goals.

It’s why we get out of bed in the morning, and that’s never going to change. We understand that your financial goals are often part of bigger life objectives, and we’re proud to have helped over 450,000 Canadians start working towards milestones like owning a home or becoming debt-free. This new investment allows us to help even more Canadians begin saving and investing.

Saving and investing is just the beginning.

In January 2019, we launched Mylo Advantage to offer you access to smarter investing tools like TFSA and RRSP accounts, socially responsible investing options and next-day withdrawals.

To truly achieve our mission, we’ll need to go beyond saving and investing. 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.  

We’ve spoken to thousands of Mylo users and Canadians across the country to learn about their financial challenges and dreams. The feedback has been really eye-opening, and we’ve heard you loud and clear. We can’t wait to tell you about all the new features and services we’re working on. Stay tuned!

We only succeed when you succeed.

Our priority will always be your financial success, and with the support of two major financial institutions, I assure you that our priorities won’t change. We are dedicated to providing a world-class fintech experience to help our community achieve their financial goals.

You can still connect accounts from nearly all Canadian financial institutions, and we will continue to make saving and investing accessible to all, regardless of which bank or institutions you do business with. We’ll only recommend third-party financial services and products to our users when we feel it is in their best financial interest. 

We’re building a world-class team that’s dedicated to your financial success.

As Mylo grows, so does our team of smart, passionate people who truly believe in helping you achieve your goals. We are currently looking to hire new talent for all our departments. If you’re interested in joining us on our important mission, check out our open positions here.

On behalf of everyone at Mylo, thanks for placing your trust in us and for allowing us to be part of your own financial journey. We’re only just getting started, and we can’t wait to continue reaching milestones together! 

Sincerely,

Philip Barrar
Founder & CEO, Mylo

To read more about the fundraising, see the press release here.

If you have any thoughts or questions, we’re always happy to hear from you. Just send a message to support@mylo.ai.