MITTO RAISES €2M, For Generation Z Digital Wallet!

A PAYMENT CARD & APP FOR GENERATION Z – MITTO RAISES €2M SEED ROUND

Mitto raises €2m as reported in its recent seed round, a payment card and an app system designed for ‘Generation Z’ (those from 14 years old). Based on reports, the round was backed by Spanish bank Banco Sabadell through its innovation and venture arm ‘InnoCells’ coupled with Spanish social media influencers ‘Wismichu’ and AuronPlay’, and Athos Capital, not including others.

The payment system is designed to bridge the gap and establish solutions for those within the specified generation. This meant a digital wallet coupled with a physical card for offline and online purchases.

Should parents send money to their children! It is done by topping the wallet and in turn, gets an overview of their purchasing profile. While on the other hand, it is understood the goal of ‘Mitto’ is to power these children with the knowledge that will help them gain a degree of financial independence via ‘Mitto’s’ platform and in the process cub their spending habits.

The fund round which emerged as Mitto raised €2m is geared towards educating ‘Generation Z’ on the basis of financial literacy. However, the company says the funding will practically help to further invest in its product and partnerships to become – “financial platform of choice” – for ‘Generation Z’.

Relating this to the current socio-digital environment, ‘Marcos Cuevas’ the co-founder of ‘Mitto’ said: “Despite being born digital, Gen Z today don’t have easy access to a tool to use digital money”.

“Mitto is born to fix this by allowing them to own a digital wallet and virtual and physical card. At the same time, we allow parents to educate and support financially their children in their first steps using a digital financial product”.

In the same vein, he also added: “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”.

Lastly, ‘Marcos Cuevas’ made it clear that the longer-term mission of the company ‘Mitto’ is to deliver the outstanding payment solution experience for ‘Generation Z’, which will practically help them understand the impact their spending has on the globe. According to reports, the Spanish fin–tech – ‘Mitto’ – will equally expand its service to other European and Latam countries based on demand.

• What is your take as ‘Gen Z’ Mitto raises €2m?