Canada fintech startup, Mylo Financial Technologies (Mylo) announced on Thursday the launch of its new personal finance management app exclusively for iPhone. According to Mylo, the new app automatically rounds up every purchase users make and invests the spare change. Users may also open a managed investment account in less than three minutes and create a financial goal. All 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. With Mylo, we are leveling the playing field by providing a saving and investment platform 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.”
Mylo CTO, Loic Bertron, went on to add:
“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.”
The Mylo app for iPhones currently available and the company expects to release its Android app later this summer.