Mylo Financial Technologies Incorporated (‘Mylo’) is a Canadian fintech app that rounds up users’ purchases and invests their spare change. The app was profiled on Digital Journal earlier this year (“Mylo, a fintech app that invests Canadians spare change“).
The Montreal-based fintech company has launched a new scheme called “Round Up to Give”. This new mobile-driven fundraising platform deploys Mylo’s patented technology, and it works in partnership with CanadaHelps’ own online donation platform. The aim is to allow users to donate spare change directly via their smartphones. This is a new example of philanthropy for the digital age.
Like Mylo’s own saving scheme, where users can invest as little as $1, the new scheme will likely appeal to millennials and other groups who do not donate through traditional fundraising schemes. With the ‘Round Up to Give’ initiative, users can support one of over 86,000 registered charities. This is achieved through setting up a donation goal and a chosen charity in the Mylo app.
With this set-up, each time the app user makes a purchase with a linked credit or debit card, Mylo will round up the transaction to the nearest dollar and donate the spare change to the pre-selected charitable organization, with the payment processed by CanadaHelps.
CanadaHelps is a platform for donating and fundraising online. For charities CanadaHelps offers low transaction rates and its donation tools can be readily integrated into a website; moreover, the charity can access the donor information.
According to Philip Barrar, who is the CEO and Founder of Mylo: “Mylo was founded on a social mission of helping Canadians achieve their financial goals. For many Canadians, giving back to a cause they care about is important.”
He explains further how the scheme could help increase charitable donations: “Fewer Canadians are making annual charitable donations, and millennials feel their paycheque is a barrier to giving.”
And with Mylo’s own vision: “We want to help them make change with spare change. With Round Up to Give, more Canadians will be able to afford to make donations on a recurring basis in an easy and automated way.”