Save money as you spend through Mylo

Fintech comprises all kinds of innovations that aim to compete with traditional financial methods and answer the financial needs of populations. It is currently booming in Canada, as Millennials as starting to earn a living and are not satisfied with what traditional banks have to offer.

We have already touched upon fintech on Innovation Montreal: the use of cryptocurrencies and blockchain to finance projects with a social impact (Impak Finance), or Hardbacon’s app that allow users to become better self-directed investors.

Today we present Mylo: a mobile app that automatically rounds up every purchase you make and invests the spare change.

Fintech on a social mission

mylo bannerWhat drives Mylo’s founders from the beginning is to make saving and investing accessible for all Canadians and especially for Millennials.

To use Mylo, you do not need any knowledge in finance. Mylo works through a partnership with Tactex Asset Management advisors who invest your money in Exchange-Traded Funds (ETFs).

Basically, the more you spend, the more you save… simple, right? If you buy a $3.60 coffee through your debit or credit card, Mylo will automatically round your purchase to $4.00 and invest the extra $0.40.

Going even further, Mylo is not just a tool for investment, it gives recommendations that are customized and personalized. Using artificial intelligence, the app helps its clients optimize important financial decisions such as insurance coverage, interest payments, travel purchases…

“We’re focused on building the next generation of innovative technology, using AI in conjunction with financial data, to help Canadians improve all aspects of their financial lives.”

The financial model is very attractive: there is a monthly fee of $1 to get access to the app. The customized recommendations are completely free but if clients implement the recommendations, the Mylo team then earns a success fee from their partners.

Finance veterans turned startupers

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Phil Barrar and Liam Cheung, Founder and Chairman, are already veterans when it comes to financial investment.

Phil is less than 30 but has been into the Canadian entrepreneurial community for a while. He successively launched and sold two ventures after graduating from Concordia University and ended up joining a Montreal investment fund in 2015: Ferst Capital Partners. This is when he started thinking of ways to democratize financial investment decisions. Mylo emerged from his market study in 2016.

Liam joined the adventure later in 2017. With over 25 years of expertise in finance and technology, he had founded Tactico Inc., the parent company of Tactex Asset Management, an investment firm that manages client-focused equity portfolios.

Mylo acquired Tactex gaining more credibility in the process: a relatively new fintech actor had enough power for acquiring a team of portfolio advisers that manages over $110 million in client assets.

From pitching to seed investing, a tremendous growth

Mylo participated to the iconic TV show Dragon’s Den and got a great deal from three of the investors but as months past and as they worked on a beta version, the team managed to secure a strategic offer that made more sense for our company. They raised $2.65-million in seed financing lead by Desjardins Capital which allowed them to officially launch on the App store.

Today, the startup wants to offer more than just an app. On International Women’s Day, Mylo released a report analyzing the gap between women and men when it comes to saving and investing and offering recommendations to reduce the gap and innovate investing habits.

Montreal, an urban laboratory for experimenting artificial intelligence?

Montreal is considered as an international hub for artificial intelligence, a lab for innovation. What are the urban implications of this reputation? What is the social impact of artificial intelligence in the city? We have discussed all these issues yesterday at Newcities roundtable on the subject.

Newcities is a non-profit organization dedicated to making cities more inclusive, more dynamic, more innovative. They organized a round table dedicated to AI and urban issues. Montreal Institute for Learning Algorithms (MILA) was represented by Myriam Côté, Executive Director. She highlighted the importance of a socially responsible AI for founder, Yoshua Bengio.

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Myriam Côté, MILA (https://www.facebook.com/NewCitiesFoundation/photos/

At a time when technology and big data are blurring the limits of privacy, when academic research is driven by economic priorities, how can AI and innovation in general positively impact the lives of populations?

Cybersecurity and avoiding data deserts

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The main social concern with AI applied to the city is to avoid data deserts – areas where certain groups do not have data regularly collected about them. And a prerequisite to answer this concern is to educate citizens to the relevance and benefits of sharing their data in a well-defined framework.

Damien Silès is the Head of the Quartier de l’Innovation, an experimental laboratory supported by the four Montreal universities, the Federal and Provincial government and corporate partners. Its mission is to experiment with urban innovations in downtown Montreal.

We want to break down silos and make this neighbourhood a collective lab where private, public and academic actors collaborate. Only then can we truly protect data.

Artificial intelligence by and for the community

There are already great initiatives to improve the social and ethical impacts of artificial intelligence. Last November, a dedicated conference was organized by AI Alliance Impact (AIIA) and headed by Valentine Goddard. AI on a social mission presented best practices of companies applying AI in sectors like mental health, education, social work (Myelin was part of them).

During Newcities event, Valentine lead a roundtable on the subject with participants from various backgrounds: Cisco, IBM, HEC Montreal, the French Chamber of Commerce…

Today, we are beyond technological challenges when it comes to AI. Challenges are ethical. We need to present innovations as solutions to concrete problems

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Valentine Goddard (https://www.facebook.com/NewCitiesFoundation/photos/

AI can be a real solution to transportation issues: location-based search engines like Google Maps can allow to make predictions so that bus drivers spend less time on focusing on their route and more time on strengthening the social link with passengers.

When it comes to artificial intelligence, there is a fundamental gap between researchers and the general public. This gap is more than ever visible in the city.

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Visual representation of debates on AI and social impact

For people to adopt AI tools, it is important to educate them – not explaining the algorithms but showing how data can impact their daily lives.

Cooking to end food waste with Coriandr

There will never be too many startups to find against food waste in a city like Montreal. Coriandr is a website that provides you with recipes to use what you have in your fridge and maximise food utilisation, i.e. giving a second life to that last tomato and half broccoli.

Not just another culinary search engine

On Coriandr you will be able to enter every ingredient you have in your fridge, add search options (preferences, dietary restrictions) and find the optimal recipe to cook. The Coriandr database offers 8000 recipes from partners. This is the purely technical part of the innovation.

However, there is more: Coriandr wants to provide a tool that helps every key actor of the food industry. This is why an interactive map will be added to geolocate the nearest grocery store. And if you really do not want to use an ingredient, instead of throwing it, you can make a good action. Coriandr has partnered with the Food Banks of Quebec to facilitate donations of food or cash to the Food Banks of Quebec to support heir activities.

From traditional retail to tech innovation

David B Potvin - photo .jpgHow did this all happen? Initially, David worked as a Business Developer in the wine and spirits retail in Montreal. He did not have any background or particular interest in cooking or technology and yet he decided to become an entrepreneur. His experience volunteering at the Youth Chamber of Commerce of Montreal (JCCM) clearly triggered his interest in entrepreneurship. and gave him the confidence and methodology to structure his idea:

You have to be a little crazy to launch a business but also lucid: it is important to put money aside and question the viability of your project

David started by learning IT basics. He took part in the Lab 12 program, an initiative from Les Pitonneux, a non-profited hosted by Notman House. During 12 weeks, this bootcamp program gives learners an opportunity to become proficient programmers and developers and access to mentors and networking opportunities.

Financed by the people

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Now that he had the skills, he had to finance his project and decided to launch a crowdfunding campaign in January 2018.

It was a real challenge to raise money on a crowdfunding campaign when I was not selling a concrete product, only an experience

Using La Ruche, a crowdfunding tool dedicated to supporting new projects that have a social impact in Quebec, Coriandr raised $5,290 from 89 contributors from Canada, the USA, France and Italy in 45 days. Even better, it got selected by the Fonds ADM / 375 Idées of the JCCM and received 3,750$ in microdonations.

Supported by a community

After less than a year, David has already built a lot. Through the Youth Chamber of Commerce (JCCM), La Ruche and Montreal Network against Food Waste (REGAL), Coriandr is part of a community dedicated to growth, innovation and social impact. David draws inspiration from role models and best practices like Hardbacon or Smarthalo. He has many other ideas to make Coriandr a smart tool for food inventory purposes. For now, the official launch of Coriandr is set for Spring 2018. 

Follow Coriandr on Facebook and Instagram and register on their website to find out about the official launch.