In the latest of a long series of Canadian FinTech firms to raise capital recently, Mylo has secured $10m.
The startup is the developer of an app that empowers Canadians to make better savings and investing decisions.
NAventures, National Bank’s venture capital arm, led the Series A round. It had raised a $2m seed round in 2018, led by Dejardins Capital, the investor that also participated in its Series A round.
“Mylo’s mission has always been to help Canadians achieve their financial goals,” said Phil Barrar, CEO and founder of Mylo. “With over half a million Canadians creating accounts to save and invest on our platform in only two years, we know we’re on the right track. This investment from important strategic partners lets us start the next phase of our mission. Our team is focused on building innovative new products to help Canadians overcome any financial roadblocks that stand in the way of their goals.”
The company was also one of 12 FinTech companies from Canada that visited the UK in October as part of trade mission, looking for ways to get a foothold into the British market.
Canadian Mylo should not be confused with the Kansas-based InsurTech company with the same name that raised a $28m Series A round earlier in 2019.
The Canadian Mylo’s new investment comes is experiencing massive growth, exemplified by the growing amounts of money being injected into the sector. The country’s FinTech industry attracted $291.1m in investment in 2014, according to FinTech Global’s data. That number had grown to $1.14bn in 2018. In 2019 could be another record year, with $1bn having already been invested in the Canadian industry in the first nine months of the year. In total, Canada’s FinTech sector has attracted nearly $4.6bn since 2014.
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