App lets donors round up purchases, donate digital spare change to over 86,000 Canadian charities
MONTREAL, May 7, 2018 /CNW/ - Mylo Financial Technologies Inc. (Mylo), the Canadian fintech app that rounds up users' purchases and invests their spare change, today is launching Round Up to Give, the mobile, fundraising platform that uses Mylo's innovative technology, in partnership with CanadaHelps' online donation platform, to make it possible for users to donate spare change directly from their smartphones.
With Round Up to Give, users can support any of 86,000 registered Canadian charities by creating a donation goal in the Mylo app. Every time a user makes a purchase with a linked credit or debit card, Mylo will round up the transaction to the nearest dollar and donate the spare change to their pre-selected charity. All donations are processed by CanadaHelps, the country's largest platform for donating and fundraising for charity online.
For fundraising, Round Up to Give offers charities a simple turnkey solution for engaging new donors by appealing to a younger, technology-driven generation of Canadians who prefer to support charities online.
"Mylo was founded on a social mission of helping Canadians achieve their financial goals. For many Canadians, giving back to a cause they care about is important," said Philip Barrar, CEO and Founder of Mylo. "Fewer Canadians are making annual charitable donations, and millennials feel their paycheque is a barrier to giving. We want to help them make change with spare change. With Round Up to Give, more Canadians will be able to afford to make donations on a recurring basis in an easy and automated way."
With Mylo and Round Up to Give, Canadians can now start donating to a charity of their choice with digital spare change. In addition to saving and investing towards personal financial goals, like taking a vacation or paying down debt, users now have the option to set a charitable giving goal during the signup process.
In its 2017 Charitable Giving Report, CanadaHelps found that while Canadians are making fewer charitable donations overall, online donations increased 22.5% per year between 2006 and 2015, a statistic that is indicative of where the entire fundraising sector is moving. The Mylo / CanadaHelps collaboration uses technology to make it easier for Canadians to incorporate charitable giving into their lives, while providing charities with a platform to attract a generation of donors that is looking for a different way to give. Round Up to Give will introduce giving to a new and engaged group of tech-savvy donors, including the 150,000 Canadians that have already downloaded the Mylo app.
"CanadaHelps is always looking for new ways to connect Canadian donors and charities and inspire online giving, so we're thrilled to power donations through Mylo's innovative mobile app," said Marina Glogovac, President and CEO, CanadaHelps. "In today's digital world, Round Up to Give offers Canadians and in particular young adults a smart, convenient way to contribute to their favourite causes."
Round Up To Give will also tap into the growing popularity of peer-to-peer fundraising with its seamless Referral Program. The program incentivizes users and charities to refer donors to support their cause. Referrers and their referred donors will each earn $5 free, applicable to the charity of their choice and subsidized by Mylo.
Mylo will curate national and local charities in-app on an ongoing basis to help encourage and inspire Canadians to donate. Featured charities include:
Eva's Initiatives for Homeless Youth, ON
Centraide of Greater Montreal, QC
Montreal Heart Institute Foundation, QC
The Society for Canadian Women in Science and Technology (SCWIST), BC
Mylo is a Montreal-based fintech startup founded with the social mission to help Canadians achieve their financial goals and make saving and investing accessible to all. Their micro-savings and investment app launched in July 2017, and Mylo has already been downloaded over 150,000 times, named a "New App We Love" by Apple, and listed as an App of the Year by The Notable Life Awards. Last year, Mylo acquired Tactex Asset Management, which manages over $120M in AUM, including over $2M in spare change investments through Mylo. To date, Mylo has raised $3.9M in funding, including it's recent seed financing round lead by Desjardins Capital, the venture capital arm of North America's largest association of credit unions.
CanadaHelps.org allows donors to quickly and safely donate and fundraise online for any registered Canadian charity and provides charities the secure online fundraising platform they need to succeed. CanadaHelps has facilitated over $900 million in donations to Canadian charities online since it launched in 2000. Over 1.7 million Canadians have donated to charities using CanadaHelps and over 18,000 Canadian charities fundraise using the CanadaHelps online tools. The mission of CanadaHelps is to inform, inspire and connect donors and charities and to democratize access to effective technology and education in the charitable sector. www.canadahelps.org
For further information: Mylo Financial Technologies, Jamie Gillingham, Eighty-Eight, Account Manager, [email protected], 1 416 944 2722