Mitto, a debit card and app designed for “Technology Z” teenagers, has raised €2 million in seed funding.
Backing the spherical is Spanish financial institution Banco Sabadell through its innovation and enterprise arm InnoCells, together with Athos Capital, and Spanish social media influencers “AuronPlay” and “Wismichu”, amongst others.
Claiming to plug a spot in present cost options for Technology Z (from 14 years previous), Mitto provides a digital pockets and/or bodily card for spending on-line or offline. Mother and father can ship on the spot cash to their youngsters by topping up the pockets and get an outline of their “buying” profile.
In flip, the concept is that youngsters acquire a level of economic independence by utilizing Mitto and higher perceive their spending habits. Extra broadly, Mitto says it need to assist develop monetary literacy amongst Gen Z children.
“Regardless of being born digital, Gen Z right this moment don’t have easy accessibility to a software to make use of digital cash,” says Mitto co-founder Marcos Cuevas. “Mitto is born to repair this by permitting them to personal a digital pockets and digital and bodily playing cards. On the identical time, we permit dad and mom to coach and help financially their youngsters of their first steps utilizing a digital monetary product”.
Cuevas says that the long term mission of Mitto is to ship the very best cost resolution expertise for Technology Z and to assist them perceive the affect their spending has on the planet — as lofty as that sounds.
“We’re dedicated to serving to this new era to vary their thoughts about finance, to succeed by giving them the instruments to grasp their buying habits and — sooner or later — the affect of their choices on this planet, and the way they may also help to make it extra sustainable,” he provides.
To that finish, Mitto says the funding will permit it to additional spend money on its product and partnerships to turn out to be “the monetary platform of selection” for Technology Z.
The Spanish fintech needs to launch its proposition in different European and Latam international locations the place it says demand exists. It claims a ready record of greater than 80,000 customers in a number of international locations and says it presently has 150.000 registered customers.
In the meantime, directly-comparable opponents embrace GoHenry and Osper within the U.Ok., and Present, Step, and Greenlight within the U.S., to call just a few.