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Philip Barrar has embarked on a mission to take savings into uncharted territory and make this healthy habit accessible to all with his Montreal tech startup, Moka. Desjardins Capital supported him from 2017 to 2021.
[Background music: Classical music.]
[A smiling young woman bathes in a turquoise pond. The radiant sun shines on a white sand beach surrounded by a lush forest.]
[Background music: Upbeat instrumental music.]
Narrator: This is it. You finally get to experience your dream vacation. How did you get there? It all started with Mylo, the app that helps you save money by investing your small change.
[A cell phone slides into view on a wood table. The screen displays Mylo's logo.]
Narrator: That means Mylo helped you save money every time you bought coffee.
[A server smiles as she holds out a coffee. A hand extends and grabs it.]
[Text on screen: Café au lait, $3.25.]
[$0.75 is added to the cost of the coffee, making the total $4.00. The percentage of the objective reached displays at the top of the screen, passing from 11% to 12%.]
Narrator: Or treats for Mika for being a very good boy…
[A golden retriever chews a treat while lying on the grass.]
[Text on screen: Dog treats, $12.34.]
[$0.66 is added to the cost of the treats, making the total $13.00. The percentage of the objective reached passes from 79% to 80%.]
Narrator: Oh yes, who's a good boy? Who's...
[The dog recoils slightly.]
[Aerial footage of Montreal's Old Port featuring its large Ferris wheel and the big tent of a circus.]
[Text on screen: Innovation designed to save money.]
[A young man stands in front of a bright window situated in a brick wall. He smiles as he rolls up his sleeves.]
Philip Barrar: Philip Barrar, CEO and co-founder of Mylo, Montreal region.
[Philip is interviewed in Mylo's Montreal offices, a vast, open-concept space with large windows.]
Philip Barrar: I definitely have my dad to thank for my entrepreneurial spirit. Growing up, he used to do patent commercialization for NASA and always embraced innovation and entrepreneurship in the household. So, when I saw the opportunity to build something with Mylo, I saw an opportunity to build something special.
[Philip walks through the office, pausing to speak with various colleagues.]
Philip Barrar: Not only are we building a profitable and sustainable company, but we're also making a positive impact on the world. So, we only received an investment from Desjardins Capital recently. So, we're at the beginning of our relationship, but it's already been fantastic.
[An employee navigates the application on a cell phone.]
Philip Barrar: We've been working with Roland and the management team. We've been receiving mentorship and guidance on how to build the company. We have lots of learning, so they can help us build a solid foundation and become one of the financial leaders in this space.
[Philip speaks to his team during a meeting. An employee examines graphics displayed on four monitors.]
Philip Barrar: There are many things that motivate me every day, but I'm very proud to say that our product's already making a difference. Just yesterday, a fourth-grade teacher actually used Mylo as an example in their class to help teach the rounding up idea.
[A padlock appears in the centre of the Mylo logo displayed on a cell phone screen.]
[Text on screen: Bank security. 256-BIT encryption. Secure SSL connections.]
[The application changes to a screen with the header "Dream Vacation". A circular diagram indicates the percentage of the objective reached, while orange circles appear on the right displaying dollar amounts ranging from $5 to $20, as well as options for "other" and "X". The diagram passes from 96% to 100%.]
Philip Barrar: It's great to see that Mylo is already making an impact, and our users are actually telling us for the first time in their lives, they're actually saving money and feel like it's finally possible to be able to achieve their financial goals.
[Philip and a woman stand and talk with two men seated in front of their computers.]
Philip Barrar: Being a successful entrepreneur is all about perseverance. When it comes to finding the right investor, it's hard work, and it's really rewarding when you find the right one, like we did with Desjardins Capital.
[In his office, Philip draws a graphic on a glass wall.]
Philip Barrar: The best advice I can give a young entrepreneur is never give up. Never give up. Continue to work towards achieving your dreams.
[Image on screen: Desjardins Capital logo]