Canadian investment app taps into first European market
Moka has chosen France as the first international destination for its investment app.
Savings and investment app Moka (the fintech formerly known as Mylo) has launched in Europe.
For the first time since its inception in 2017, Moka is now available to French customers as the company sets its sights on further European expansion.
Moka also offers a French language product in Canada, with a dedicated French-Canadian team, making the move to France an easy one.
Moka also chose France as its first European destination because the country is home to 17m millennials, the investment app’s target market.
Phil Barrar, CEO and founder of Moka, said: "We're expanding to France to help millennials save more, spend less, and invest smarter."
As well as launching in a new market, Moka is undergoing a rebrand to make the app more accessible to people from other countries.
Speaking of his app’s rebrand, Barrar said: “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."
Similar to the likes of Moneybox, Moka rounds up daily purchases and invests spare change into bespoke and diverse portfolios of low-cost ETFs, users can even choose to invest in socially responsible funds if they please.
Following the rebrand, Moka is also launching an updated rewards programme that will give users cashback from popular brands such as UberEats, Apple Music, HelloFresh and many more.
The investment app currently counts over 750,000 Canadians as customers and has raised $14m in funding to date.