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The Mylo app (now rebranded as Moka) is the Canadian answer to other automated savings and investing apps such as Acorns and Digit in the U.S. and Moneybox in the U.K. While we can all agree that saving money for the future is generally a good thing, many of us never get around to doing it.

Recent stats show that 32% of Canadians between ages 45-64 have nothing (i.e. $0) saved for retirement. This is indeed alarming! At 64 years of age, you should either be retired or be planning to do so soon.

Simplifying the savings and investing process is what automated savings apps like Moka aim to accomplish. There is no drastic change to your daily lifestyle, and you do not need to understand the nitty-gritty details of portfolio management.

Simply set a savings goal and the app does the rest by moving small amounts of money (spare change) from your bank account into a diversified portfolio that continues to grow and increase your net worth.

In 2018, Wealthsimple, Canada’s largest robo-advisor, joined Moka in offering their users an opportunity to invest their spare change automatically. Their own spare-change-savings feature is referred to as “Roundup.”


Moka Ratings Summary


This is based on assessing several factors including Ease of Use, Account Minimum, Investment Options, Management Fees, Referral Program, Customer Support, and Overall Value.

Moka is Canada’s only dedicated spare-change automated investing app, allowing Canadians to grow their wealth through micro-investing and without overthinking it. Start growing your net worth today and get a $5 welcome bonus.


About Moka (previously Mylo)

Moka Financial Technologies Inc. is a Canadian fintech company that was launched in 2017 by Phil Barrar – you may have watched the Dragons’ Den episode when he came on the show with Dr. Liam Cheung!

In June 2017, Mylo acquired investment firm, Tactex Asset Management and by January 2018, they had secured over $2 million in seed funding from Desjardins Capital, Robert Raich, and Ferst Capital Partners.

The Moka app is the first automated goal-based savings and investing app to give Canadians the opportunity to easily invest their spare change and grow their wealth.

In 2020, Mylo rebranded as Moka after expanding internationally to Europe and launching in France. More than 750,000 Canadians have downloaded the Moka app and it holds a 4.4/5 rating on the App store.



When you open a new Moka account here (special link – promo code not required), you will get a FREE $5 cash bonus to boost your automatic savings/investing!

Moka (Mylo) App – How Does It Work?

When I first heard of Moka, my reaction was: “Spare change? How does that work?”

The idea behind meeting your financial goals through micro-investing is actually pretty smart. Can you remember how many times you have given up on a savings endeavour simply because you felt you could not afford to set aside enough funds?

What automated savings apps like Moka do is to help you save small amounts of money which means you do not need to deprive yourself or radically change your lifestyle. They simply round up your purchases to the nearest dollar and save the difference.

For example, say you buy a cup of coffee at a cost of $3.25 using your credit card. The Mylo app rounds up your purchase to $4.00 and puts the extra 75 cents into your Moka account.

This goes on throughout the week. Every Monday, roundups from the previous week are withdrawn from your chequing account and invested into a Moka investment account on your behalf. You can withdraw your funds at any time.

In addition to roundup savings, you can also accelerate the growth of your investment account or meet your financial goal faster by using:

Recurring Investments: You can choose to deposit a fixed amount every week in addition to the usual roundups.

Roundup Multiplier: You can setup your account to multiply your roundups by up to multiples of 10. For example, if you want a 5x multiple on the loose change you invest, a 75 cents savings becomes $3.75 (75 cents x 5).

One-Time Investments: You can make lump-sum deposits to your account whenever you want to quickly reach your savings goals.

Moka – Opening an Account

Opening a new Moka account is easy-peasy and should take you about 3 minutes. The on-boarding process includes:

1. Visit Moka via this link (you get a $5 welcome bonus)

2. Create an account and answer a few questions to build your investor profile, and determine your financial goals and risk tolerance.

3. Link your bank account to the app.

4. That’s it! You are on your way to meeting your money goals.

Whenever you refer friends to use the app, Moka rewards both of you with $5. This means you can reach your financial goals even faster!

Moka – Investing Your Money

The funds saved in your Moka account is managed by a registered Canadian portfolio manager at Tactex Asset Management, a subsidiary of Moka Financial Technologies Inc.

The portfolio manager invests your money using a diversified portfolio of low-cost ETFs that is modelled after the Modern Portfolio Theory.

You can invest your money with Moka using registered investment accounts (TFSA and RRSP) or a personal non-registered taxable account.

The five basic types of portfolios offered by Moka include:

  • Conservative: 100% savings
  • Conservative-Moderate: 40% savings and 60% Bonds
  • Moderate: 60% Bonds and 40% Stocks
  • Moderate-Aggressive: 40% Bonds and 60% Stocks
  • Aggressive: 20% Bonds and 80% Stocks

They also offer a socially responsible investing portfolio, the Moka SRI Fund, which invests in companies that are building a better world.

Your portfolio type is based on your investor profile, investment horizon, risk tolerance, and financial goals.

If you have any questions regarding your account, you can always reach out to your dedicated portfolio manager and/or customer support through the app to ask them questions.

The ETFs employed to build your portfolio include: Mylo - Low cost ETFs

Moka – Additional Benefits

In addition to offering hassle-free investing in tax-free and taxable accounts, Moka also offers:

  • Cash back opportunities through Moka Perks. Users enjoy exclusive discounts and cashback offers from popular brands like Uber Eats, Apple Music, HelloFresh, Staples, and more.
  • Moka 360: A service that will help users to pay off debt by building a personalized debt repayment plan. It also offers ways for you to automatically eliminate unwanted subscription fees and renegotiate your recurring bills.

What Fees Does Moka (Mylo) Charge?

I am always interested in what I pay for investment fees, and the impact on my long term returns. You should know that while some level of fees is inevitable, they always cut into your overall investment returns.

Moka charges a flat $3 fee per month to use their financial savings platform. This fee does not vary with your account size – whether small or large. Let’s dig into the numbers:

Scenario 1: Assuming you invest spare change of about $20 per month on the basic plan. At the end of one year,

  • Total savings for the year: $240 ($20 x 12 months)
  • Total fees paid to Moka: $36 ($3 x 12 months)
  • Annual Moka management fee = 36/240 = 15% (This is high!)

Scenario 2: Let’s assume you invest $300 per month (spare change plus an occasional lump sum or recurring payments). At the end of the year,

  • Total savings for the year: $3,600 ($300 x 12 months)
  • Total fees paid to Moka: $36 ($3 x 12 months)
  • Annual Moka management fee = 36/3,600 = 1.00% of your assets. This is lower than many comparable mutual funds which can easily charge you as much as 2.23% in MER for equity funds!

What the examples above show is that Moka is great on fees if you plan to use it smartly. The more you save/invest, the less you pay in fees, because their fees are flat!

In addition to the $3 per month charged by Moka, your investments will generally pay management fees (MER) to the individual ETFs in your portfolio. This is normal and occurs with Robo-Advisors as well. MERs charged by the low-cost ETFs that Moka utilizes are in the 0.06% to 0.38% range.

Is The Moka App Safe?

As per the company, they employ the same security and encryption measures that your bank uses. They also indicate that your data is never for sale.

In addition, your funds are insured by the Canadian Investor Protection Fund (CIPF) which means that if the custodian for your funds goes bankrupt, your investments are protected up to $1 million.

Is Moka Right For You?

The Moka App is great for those who want to invest effortlessly without having to think or stress about it. Anyone can benefit from using the app as part of their savings/investing strategy.

For example, you can have your registered investment portfolios (e.g. RRSP and TFSA) and employ index funds, ETFs or mutual funds in those accounts. At the same time, you can use Moka to set up a savings/investing account for your emergency funds, travel or vacation fund, home down payment, Christmas gifts fund, and more.

The Moka app is especially great for you if you find it difficult to put down significant sums of money at once to invest or save. The app is easy to use as there are no minimum amounts you can invest, and by taking your spare change, you can reach your financial goals without feeling the pinch in your pockets.

Investment knowledge is not required on your part given that your portfolio manager does all the asset allocation and re-balancing for you.

If you plan to save very small amounts per month (like the $20 per month example I used above) or infrequently, the $3 per month fee is comparatively steep. However, many still find Moka useful even with this cost, especially when the automated savings process is the only way they are able to save anything at all.

If you are looking for other opportunities to invest using automation and low-cost ETFs inside a registered account, robo-advisors like Wealthsimple are worth checking out. You can read and compare all the major robo-advisors by reading my Complete Guide To Robo-Advisors in Canada here.

When you open a new account here, you get a FREE $5 cash bonus.

Moka (Mylo App) Reviews 2021
  • Ease of Use
  • Account Minimum
  • Investment Options
  • Management Fees
  • Referral Program


Moka (formerly Mylo) is Canada’s only spare-change automated investing app, allowing Canadians to grow their wealth through micro-investing and without over thinking it. Start growing your net worth today and get a $5 welcome bonus.


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Do you find it hard to save money? The Mylo app helps you automatically set aside a little bit of money every time you make a purchase by rounding up the amount and saving the "loose" change. You can start saving and investing today and reach your financial goals. #Mylo #app #moneytools #hacks #investing #savemoney