[NEWS] Mitto, the payment card and app for ‘Gen Z’ teens, raises €2M seed round – Loganspace

Mitto, a debit card and app designed for “Abilities Z” teens, has raised €2 million in seed funding.

Backing the round is Spanish bank Banco Sabadell through its innovation and mission arm InnoCells, along with Athos Capital, and Spanish social media influencers “AuronPlay” and “Wismichu”, amongst others.

Claiming to sail a hole in novel rate solutions for Abilities Z (from 14 years frail), Mitto provides a digital wallet and/or physical card for spending on-line or offline. Fogeys can ship instant cash to their kids by topping up the wallet and derive a top level concept of their “procuring” profile.

In flip, the premise is that kids save a level of financial independence by the exercise of Mitto and greater understand their spending habits. More broadly, Mitto says it favor to back derive financial literacy amongst Gen Z kids.

“Despite being born digital, Gen Z at the novel time don’t comprise quick derive admission to to a system to exercise digital cash,” says Mitto co-founder Marcos Cuevas. “Mitto is born to repair this by allowing them to get a digital wallet and digital and physical playing cards. At the identical time, we allow oldsters to coach and enhance financially their kids in their first steps the exercise of a digital financial product”.

Cuevas says that the prolonged bustle mission of Mitto is to command basically among the finest rate solution skills for Abilities Z and to back them understand the affect their spending has on the earth — as lofty as that sounds.

“We’re committed to helping this novel generation to alternate their mind about finance, to be triumphant by giving them the tools to indulge in their procuring habits and — in the prolonged bustle — the affect of their selections on the earth, and the diagram they may be able to back to create it more sustainable,” he adds.

To that end, Mitto says the funding will allow it to extra put money into its product and partnerships to become “the financial platform of alternative” for Abilities Z.

The Spanish fintech wants to open its proposition in other European and Latam countries where it says save a matter to exists. It claims a ready record of more than 80,000 customers in quite a lot of countries and says it currently has 150.000 registered customers.

Meanwhile, without lengthen-similar competitors consist of GoHenry and Osper in the U.K., and Present, Step, and Greenlight in the U.S., to title just a few.