Investment Date: June 2017*
Mylo is a leading Canadian FinTech company. The Mylo app helps Canadians save and invest by automatically rounding up purchases to the nearest dollar and investing the spare change in low-cost ETFs managed by professional portfolio managers. Mylo also uses machine learning in conjunction with financial and transactional data to make personal recommendations that help users make smarter financial decisions.
*As of March 2020, we have not yet exited our investment in Mylo.
Dr. Liam Cheung, Tactico Managing Partner & Co-Founder, Executive Chairman of Mylo
The Company needed a time-tested, cost-efficient asset management product to manage and invest for its users. Being at the very early stages of the business lifecycle, the Company also needed to find the right investors and secure funding for growth and profitability.
“We completely integrated ourselves into the Mylo business,” said Dr. Liam Cheung, Tactico Managing Partner & Cofounder, and Executive Chairman of Mylo. “Everything from fundraising and projections to product development and even technology. We helped design the Mylo Advantage product and leveraged our relationships to secure the right investment partners.”
With our help, Mylo raised a total of $14M in funding, including from two of Canada’s largest financial institutions, Desjardins and National Bank of Canada. The Company also tripled its MRR in 2019 through user growth and user adoption of the Mylo Advantage product. Previously, in 2017, Mylo had secured a $400K deal from three (3) dragon’s on Dragon’s Den, including Arlene Dickinson, one of Canada’s most iconic entrepreneurs. View the pitch below by Tactico’s Dr. Liam Cheung and Mylo’s CEO Phil Barrar.