For a flat monthly fee, Canadians will be able to invest spare change
in tax-free accounts and a socially responsible investment fund
MONTREAL, Oct. 2, 2018 /CNW Telbec/ - Mylo, the goal-based investing app, will provide TFSAs, RRSPs, and socially responsible investing options through a new premium service called Mylo Advantage.
The company's newest offering furthers its social mission to help Canadians achieve their financial goals by delivering an effortless way to save while investing, thanks to tax-free accounts, and by providing ethical investing options.
Since launching in 2017, Mylo has made investing easy and accessible by rounding up user transactions and investing their spare change in diversified, fully-managed portfolios of ETFs for a flat monthly fee, no minimum investment required.
"Mylo's mission is to help Canadians improve their financial future. Opening a TFSA is one of the smartest ways millennials can save and invest, yet only about one third of this generation has one. As more people turn to Mylo as their primary saving and investing platform, it's clear that providing registered accounts is an important way we can help," says Phil Barrar, founder and CEO.
Another major feature of Mylo Advantage is socially responsible investing. "Eighty percent of our users are millennials and are part of a generation that wants to make a positive impact with their investments," says Barrar.
To provide investing services that align with millennial values, Mylo is launching a socially responsible investing option for Mylo Advantage users. The Mylo SRI Fund will invest in ETFs comprising companies that comply with environmental, social and corporate governance rating criteria, prioritize gender diversity, reduce their carbon footprint, and work to uphold UN Sustainable Development Goals.
Mylo Advantage is offered through the original Mylo app and gives users access to the following features for a flat $3 monthly fee:
- Registered accounts (TFSAs and RRSPs)
- Socially responsible investing
- Rewards from select partners with a value that will exceed the monthly fee
- Free next-day withdrawals via Interac eTransfer
- All the classic Mylo features, including roundups, recurring deposits and Round Up to Give
Canadians can register for early access to Mylo Advantage and get three months free by joining the waitlist at www.mylo.ai/advantage.
- Canadians need help saving. Canadians are $22,837 in debt on average, not including mortgage debt, according to Equifax Canada's 2017 Q4 National Consumer Credit Trends Report.
- Almost two thirds of millennials are missing out on potential tax savings. Only 37% of Canadian millennials had a TFSA in 2015 (the most recent year that data is available), according to Canada Revenue Agency, which means many are missing out on the opportunity to invest tax-free.
- Millennial investors are contributing to the rapid growth of socially responsible investing. Millennials are 65% more likely than Boomers to take ESG factors into consideration when they invest, according to RIA's 2016 Millennials, Women, and The Future of Responsible Investing. In 2015, 38% percent of all Canadian investments was invested in socially responsible investments, according to the RIA's 2016 Canadian Responsible Investment Trends Report.
About Mylo Financial Technologies
Mylo is the Montreal-based fintech startup that was founded with the social mission to help Canadians achieve their financial goals. Since the company launched its automated savings and investment app in July 2017, the Mylo app has already been downloaded over 250,000 times and is helping 80,000 Canadians save and invest, many for the first time. Prior to launch, Mylo acquired Tactex Asset Management, which today manages over $120M in AUM. To date, Mylo has raised $3.9M in funding, most notably from Desjardins Capital, the venture capital arm of North America's largest association of credit unions.
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