Mylo, a Canadian saving and investing app, has rebranded itself to Moka and is looking to expand internationally.
The FinTech will begin its European growth by launching in France. The company’s CEO Phil Barrar said it is moving to France to “help millennials save more, spend less and invest smarter.”
Its move to France is also supported by its research, which claims two-thirds of French millennials have anxiety about meeting their goals and 65% feel the current financial services do not offer investing that meets their needs.
“Our company is evolving,” an announcement from the company stated. “We loved being Mylo, but Moka is a name that works around the world in every language and that reflects the growth of our product.”
Moka was launched in 2017 with the aim of helping millennials reach their financial goals. Its services have been used by more than 750,000 Canadians.
The app automatically rounds up daily purchases and invests the spare change in personalised, diversified portfolios of low-cost Exchange-Traded Funds (ETFs).
Mylo previously raised $10m in late 2019 from investors including NAventures and Dejardins Capital.
In the future, the company is hoping to develop services to help users reduce expenses, pay off debt, and save more when they spend.
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