Mitto, a Spain-based payments app, has successfully secured its initial £500,000 funding target through its equity crowdfunding campaign on Crowdcube. The initiative recently launched and has already attracted 260 Crowdcube investors.
“With Mitto, you can spend anywhere. But, Mitters really put their conscience into action by using their card at recommended stores and brands with a high sustainability profile. And guess what, they receive cashback on every transaction.”
Mitto noted it is building a community of activists, empowered to consume more responsibly and understand the impact of every purchase they make. Features include:
- Users can immediately see an approximation of the CO2 impact of their purchase
- Users are shown sustainable alternatives from partner brands that fit with Mitto’s mission
- Users can then get instant cashback and other discounts when they purchase from Mitto’s partner brands
Mitto also explained:
“We believe climate change is the biggest problem we are facing as humanity and our consumption habits are one of the biggest drivers of this global emergency. In 2019, in 94 of the world’s biggest cities, where a combined 700m people live, the consumption of goods and services including food, clothing, aviation, electronics, construction and vehicles was responsible for 10% of global greenhouse gases. Mitto was founded to address this issue directly by building a community of activists, empowered to consume more responsibly and understand the impact of every purchase they make.”
The company revealed that prior to the Crowdcube campaign, it signed a convertible loan for €500,000 on the same terms and conditions as those offered to Crowdcube investors. Funds from the Crowdcube round will be used to continue the expansion of the Mitto platform.
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