Mitto, a payment card and app targeting ‘Gen Z’ teenagers, has secured €2 million in seed funding to expand. The round was led by Spanish bank Banco Sabadell, through its innovation and corporate venture arm InnoCells. There was also participation from Athos Capital, and Spanish social media influencers AuronPlay and Wismichu, among others.
Founded by Marcos Cuevas, Angel Garcia and Mikel Aizpurua, Mitto is a prepaid card for teenagers aged 14 and upwards. Parents can use the app to transfer money to their children, who can then spend it using their card.
The startup claims to have 150,000 registered users on its platform, and has plans to expand after the latest funding round. Although aimed at teenagers, the app can be used by anyone up to the age of 30.
“Despite being born digital, Gen Z today don’t have easy access to a tool to use digital money,” Mitto co-founder Marcos Cuevas told TechCrunch. “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.”
Cuevas added that Mitto is committed to helping this new generation to change their mind about finance and giving them the tools they need to understand their purchasing habits.
The investment will allow the startup to further invest in its product and partnerships to become “the financial platform of choice” for teenagers.