Mitto reaches £500,000 target for its crowdfunding campaign with 16 days still left on the fundraise

Mitto, which helps users spend money responsibly and contribute to a more sustainable planet, has reached its £500,000 target for its crowdfunding campaign.

The company held convertible round on the crowdcube platform and still has another 16 days left of the sale.

There have been around 248 investors to back Mitto through the campaign, so far.

Prior to the launch of the crowdfunding campaign, Mitto raised a €500,000 (£446,000) convertible loan.

The platform offers a mobile app and payment card, which can be integrated with an existing bank account. Through the solution, users can discover the CO2 impact of purchases and compare this with friends.

Mitto hopes to encourage friends to nudge each other to adopt more environmentally-friendly spending habits. To help this, the app will show users sustainable alternatives from partner brands, with discounts also available at several of these places.

Finally, users can use the app to keep track of deposits and expenses, and better manage their savings.

The FinTech has managed to get 185,000 users to sign up to the platform over the past 12 months.

Mitto plans to launch in the UK and rest of Europe in 2021.

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