Montreal-based FinTech startup Mylo expands to Europe and rebrands as Moka
MONTREAL, QUEBEC, August 20, 2020 — Mylo , Canada’s leading savings and investing app, has rebranded as Moka and officially launched in France, its first foray into the international market.
Since Moka(the app formerly called Mylo) launched in 2017, Tactico has been drawn by its incredible potential to revolutionize the way millennials relate to personal finances. Now, with over 750 000 downloads, the relevance of their business model has been confirmed in Canada and the time has come to expand and help a new market.
“Opening in Europe has been the result of a huge effort and use of all our regulatory and clearing experience, a perfect project for Tactico to help one of our most exciting portfolio companies,” said Liam Cheung, managing partner of Tactico and executive chairman of Moka.
Now Moka is on a mission to help 17 million millennials in France achieve their financial goals by saving more, spending less, and investing smarter. With an existing French product in Canada, as well as French and French Canadian employees, Moka is well positioned to serve this new market.
With a new name, logo, and website, Moka is setting itself up for success as a global FinTech company as part of its plans for European expansion. “We’re a proudly Canadian company, but we needed a name that resonates around the world in every language and country,” says Phil Barrar, CEO and founder of Moka.
Moka (previously Mylo) is on a mission to help people achieve their financial goals with Canada’s #1 saving and investing app. In July 2017, the company launched its core offering—an app that automates saving and investing—and it is now developing other innovative products to help its users save more, spend less and invest smarter. The app has been downloaded by 750,000 Canadians, and it rebranded from Mylo to Moka for expansion to France in 2020. To date, Moka has raised $14M in funding, most notably from NAventures, the venture capital division of National Bank of Canada, and Desjardins Capital, the venture capital arm of North America’s largest association of credit unions.
To learn more about Moka: www.moka.ai
About Tactico Inc.
Tactico Inc. (“Tactico”) is a venture capital firm specializing in direct investments in cash flow positive, small-cap entities or start-up firms through a combination of debt, preferred shares or common shares with the intent to create long-term value. Tactico’s investment philosophy is governed by the belief that value can be created through direct involvement in management or through funding where cash-flow requirements can improve competitive positioning. Tactico intends to provide close support to current management and may name representatives to the Board of Directors of its portfolio companies.