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Mitto, the Debit Card and App for “Generation Z” users raises €2M seed round

Kenneth Fong

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Mitto Payments app

We have seen that there are a lot of startups out there who promise to do different things. However, we have a new startup which is really unique when it comes to implementation. We are talking about a FinTech startup named “Mitto” which is gaining much traction in the US markets. Talking about Mitto, it is a debit card and payments app. Now you would ask what is innovative here. Well, the innovative part is that Mitto is targeted towards “Generation Z” users as it offers services for people above 14 years of age.

You might be aware that current banking systems don’t allow customers below the age of 16 to open a bank account, have a debit or credit card and spend online. Therefore, kids are forced to rely on their parents to get their cards and spend. “Mitto” offers debit cards as well as the ability to pay online via the app for customers who are more than 14 years of age. However, it does not give them the ability to open a bank account or anything. It just offers a debit card and an account which can then be topped up by their payments so they can spend from it.

We have come to know that Mitto has raised a huge round of funding from Spanish bank Banco Sabadell via its innovation arm, InnoCells. Mitto has raised a €2M seed round which also includes the Spanish bank as well as Spanish social media influencers “AuronPlay” and “Wismichu” among others.

Mitto co-founder Marcos Cuevas says that “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 cards. At the same time, we allow parents to educate and support financially their children in their first steps using a digital financial product”.

Kenneth is an established technical expert with 11+ years of background in managing the overall designing & development of Machine Learning, Big Data, and AI-powered ventures. He is also an adrenaline junkie, so to refresh himself he loves to indulge in adventure sports. He is also the founder at Leadtagger, a creative agency based in California. You can reach him at sesengroup@gmail.com

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