INSUBCONTINENT EXCLUSIVE:
Mitto, a debit card and app designed for “Generation Z” teens, has raised €2 million in seed funding.Backing the round is Spanish bank
Banco Sabadell via its innovation and venture arm InnoCells, along with Athos Capital and Spanish social media influencers “AuronPlay”
and “Wismichu,” among others.Claiming to plug a gap in existing payment solutions for Generation Z (from 14 years old), Mitto offers a
digital wallet and/or physical card for spending online or offline
Parents can send instant money to their children by topping up the wallet, and get an overview of their “purchasing” profile.In turn,
the idea is that children gain a degree of financial independence by using Mitto, as well as a better understanding of their spending habits
More broadly, Mitto says it want to help develop financial literacy amongst Gen Z kids.“Despite being born digital, Gen Z today don’t
have easy access to a tool to use digital money,” says Mitto co-founder Marcos Cuevas
“Mitto is born to fix this by allowing them to own a digital wallet and virtual and physical cards
At the same time, we allow parents to educate and support financially their children in their first steps using a digital financial
product.”Cuevas says that the longer-term mission of Mitto is to deliver the best payment solution experience for Generation Z and to help
them understand the impact their spending has on the planet — as lofty as that sounds.“We are committed to helping this new generation
to change their mind about finance, to succeed by giving them the tools to understand their purchasing habits and — in the future — the
impact of their decisions in the world, and how they can help to make it more sustainable,” he adds.To that end, Mitto says the funding
will allow it to further invest in its product and partnerships to become “the financial platform of choice” for Generation Z.The
Spanish fintech wants to launch its proposition in other European and LatAm countries where it says demand exists
It claims a waiting list of more than 80,000 users in several countries, and says it currently has 150,000 registered users.Meanwhile,
directly comparable competitors include GoHenry and Osper in the U.K., and Current, Step and Greenlight in the U.S., to name a few.
