Mitto, a Spanish banking challenger focused on sustainability, is gearing up for launch in the UK and the rest of the Eurozone next year. The fintech brands itself as the choice for “conscious consumers”.
The start-up has identified three key issues stopping consumers from spending sustainably. These include: a lack of alternatives, high prices and a lack of awareness around purchasing impact.
Like a number of other banks and challengers… Mitto offers insights into the CO2 impact of each user purchase… [it] also offers a sustainability measure for each company… The more sustainable purchases a user makes, the more cashback they’ll get. Rather than replacing users’ existing bank accounts, Mitto will act more like a payment card which sits on top of other accounts.
[Co-founder and CEO:] “Every payment counts and determines the world we live in… Basically, what we need is to change our purchasing habits.”
The sustainability market is estimated to be worth $12 trillion by 2030 [estimate came out of Davos in 2017].