Canadian FinTech Mylo rebrands as Moka; expands to Europe

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Mylo, the Canadian saving and investing app, announced that it is rebranding to Moka and is expanding across Europe, with its first launch in France. The FinTech has already been delivering its French product in Canada and aims to launch an upgraded rewards program – Moka Perks, for providing discounts and cashback offers for notable brands. The program aims to make it easy for users to save when they spend and offsets the monthly Moka fee of $3 per month in Canada.

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

Launched in 2017, the FinTech is a personal finance app that automatically rounds up daily purchases and invests the spare change in portfolios of low-cost Exchange-Traded Funds (ETFs). Customers are required to link their existing debit and credit card to the app for starting savings and investments.

Moka stated that it will also launch a new website at moka.ai and will be offering a free $10 credit to Canadians who open a new account using the promo code MOKA10. The company will enable French users to download and sign up for the Moka app at moka.ai/france.