Canadian fintech Mylo expands to Europe rebrands as Moka

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Canadian and French app users can save more, spend less and invest smarter with Moka.

MONTREALJuly 20, 2020 /CNW/ – Canada’s leading saving and investing app is rebranding under the new name Moka and expanding internationally to Europe by launching in France.

 

“We’re expanding to France to help millennials save more, spend less, and invest smarter,” says Phil Barrar, CEO and founder of Moka, the company formerly known as Mylo. “We’re excited to grow our company by evolving the product and expanding to another market under a new global name.”

The Montreal-based fintech app launched in 2017 with the social mission to help millennials achieve their financial goals, and it has since been downloaded by over 750,000 Canadians and earned thousands of 5-star reviews.

To help even more people achieve their financial goals, the app is launching in France, which is home to 17 million millennials, many of whom are looking for an easy way to save and invest.  In fact, two thirds of French millennials have anxiety about achieving their goals, half struggle to save, and two thirds (65%) feel current financial services don’t offer investing that caters to their needs, according to a survey Moka conducted with Opinion Way.

The fintech company is uniquely positioned to launch in France because it already delivers a French product in Canada and has French and French Canadian employees on the team, but France is just the first of several countries where Moka will operate in Europe.

“We’re a proudly Canadian company, but we needed a name that resonates around the world in every language and country,” says Barrar.

The Moka app became one of Canada’s most popular personal finance apps because of its roundup feature, which automatically rounds up daily purchases and invests the spare change in personalized, diversified portfolios of low-cost Exchange-Traded Funds (ETFs). To start saving and investing, users simply link an existing debit or credit card to the app and live the life they want.

Users everywhere will enjoy automated saving and investing features, fully-managed portfolios and socially responsible investing.  There is no financial knowledge, minimum investment or lifestyle change required to use Moka, so anyone can start saving and investing towards their financial goals right away.

Moka is rolling out an upgraded rewards program that will deliver valuable discounts and cashback offers for popular brands like Uber Eats, Apple Music, HelloFresh, Staples and more. The program, called Moka Perks, makes it easy for users to save when they spend and offsets the low monthly Moka fee of $3 per month in Canada.

The company is also developing new ways to help users reduce expenses, pay off debt, and save more when they spend.

To celebrate the rebrand, Moka is launching a new website at moka.ai and offering a free $10 credit to Canadians who open a new account using the promo code MOKA10.

French users can download the Moka app and sign up today at moka.ai/france.