Mitto, the payment card and app for ‘Gen Z’ teens, raises €2M seed round
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”, amongst 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 and better understand 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”.