Gen Z fintech Mitto raises $2m in seed funding

Gen Z debit card and app Mitto has raised €2 million in seed funding, with participation from Spanish bank Banco Sabadell’s innovation arm InnoCells, Athos Capital and Spanish social media influencers ‘AuronPlay’ and ‘Wismichu’.

It is amazing to see on the market more and more FinTechs directed to young generation. The world is changing, so as money and how we interact within the payment industry. Personally I believe that lack of financial education is a main reason for poor financial situation of most families. We do not learn how to build wealth, how to manage money. A bit out of topic but I truly recommend the book "Rich dad, poor dad" by Robert T. Kiyosaki‎. Shows that we should educate our children about money at very early age.

Let's come back to subject however. Mittto offers parents insights into their children’s ‘purchasing’ profile and allows them to transfer money instantly using an e-wallet, giving parents the tools to educate and support their children in a new digital financial world.

With 150,000 registered users and 80,000 still waiting to register abroad, the Spanish fintech has set its sites on launching its product in other European and LatAm countries where it perceives a similar demand for its services.

“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,”

says Mitto’s co-founder Marcos Cuevas.

The investment will fuel further developments in Mitto’s product and partnerships to purport the fintech to a status where it is seen as the “financial platform of choice” for Gen Zs.

The co-founder’s vision is to empower the Gen Z demographic to navigate the world with a comprehensive understanding of how their money and spending habits effect the wider global financial ecosystem.