Mylo, an app that lets users invest their spare change, will soon provide registered accounts and responsible investing options, Montreal-based Mylo Financial Technologies Inc. announced Tuesday.
Since its launch last year, Mylo has lowered barriers to entry for young investors; it rounds up user transactions and invests the spare change in diversified, fully-managed portfolios of ETFs for a flat monthly fee, with no minimum investment requirement. Soon, RRSPs, TFSAs and socially responsible options will be available through a premium service called Mylo Advantage for an additional $3 monthly fee.
“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,” Phil Barrar, founder and CEO, says in a statement.
The Mylo socially responsible investing (SRI) fund will invest in ETF portfolios 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, the company says.
“Eighty per cent of our users are millennials and are part of a generation that wants to make a positive impact with their investments,” says Barrar.