Moka: Intelligent investing 12+

You’d be surprised how fast a modest goal will grow. App is easy, staff are great. I’ve had great luck with their service team so far

Thanks so much for taking the time to leave a review. We’re happy to have you onboard for our mission of helping Canadians reach their financial goals! -Sarah

I had Mylo for several months, but I decided to close my account recently. I was pretty satisfied with it for a while, but it was only recently that I became dissatisfied and started to question the app.

1) It’s hard to see where your money is going: They take your money every week and you can see this in your portfolio balance, but you don’t see the growth/loss until the account statements are released.

2) The account statements are often delayed If you are new to investing, this document is challenging to understand and If you are new to investing, this document is a bit challenging to understand.

3) Contacting them is only via email: What’s up with this? When I was closing my account, this really irked me. I had a few questions about closing my account and it was all through email. The worst part is that they pass you around from representative to representative. I tried getting a phone number, but they don’t have one.... (This really got me questioning the company).

4) You lose access to the app immediately when you close your account: As soon as you decide to close your account (via email), you will lose access to your account on the app instantly. You won’t have access to the final portfolio balance, YOU HAVE TO REQUEST for the final account statements. (This should be given out regardless if you don’t request for it). This is problematic, as I was disputing the final portfolio amount that was given to me by one of the representatives. Thankfully I was able to screenshot my portfolio balance and dispute it. What would’ve happened if didn’t?

Overall, it’s hard to see where your money is going with this app. It needs to be more transparent and user friendly. C’mon, you are dealing with peoples money!

I am now with another app that is so much more transparent, the UI and the graphics allow you to see where your money is truly going, how much it has grown...etc. Don’t know why it took me so long.

Hi Onedeel, we regret to hear that you did not enjoy your Mylo experience and we thank you for your feedback. I'll try to cover all of your points.
1) Each Goal is a direct reflection of your individual investment accounts and the balance already includes any profit or loss.
2) Monthly statements are released mid-month and our portfolio managers are always available to answer any questions if you need clarification on monitoring your investments.
3) You can contact us via email or via in app chat. We're available Monday through Friday and we usually answer within 24h.
4) Once you account is closed, your login credentials are disabled. However, annual statements and relevant documents will be provided by email, and your full balance is returned to your bank account.
I'll be taking your feedback to the right team and I wish you the best of luck in your future savings. - Sarah

UPDATE
- great new features like boost, multiple accounts, etc.
- still a great responsive team
- the one star review about signing over all your rights to information makes me nervous but I never read the fine print so 👀🤷🏽‍♂️
- I inquired about ‘ethical investing’ opportunities, as I don’t want to support specific industries. Was told they are collecting info but not available at the time. Meanwhile at Wealthsimple 👀

Overall still a great app that I love to use, just wish they’d address some of the concerns on the reviews.

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Original review:
I was lucky enough to get to try the beta version and it was really bumpy. Made me nervous for the release but with he launch came a really stable app that syncs perfectly with my account. I'm sure more features are coming, but their customer service team has made this experience exciting. Finally an investment program that is accessible, easy, and works with my spending habits. Now the more I spend, the more I save!

Hello! Thank you so much for your feedback. It's an honour to have had you as an early adopter and we are glad to see you are still using Mylo. We are a young, Canadian startup and doing our best to accommodate all our Users while addressing as many concerns as (humanly) possible -- sometimes even beyond. Please feel free to reach out anytime directly through the app or feedback@mylo.ai. We'd love to hear from you :)