Tallinn-based fintech Mifundo has raised €10 million to develop a cross-border data platform for portable credit profiles across the European Union. The funding includes €1.2 million from a pre-seed round led by Tera Ventures, with participation from Opus11 VC and angel investors such as Mihkel Karu (ex-Skype) and Sergei Anikin (ex-Pipedrive). Additionally, Mifundo secured a €2.5 million grant and €6.3 million in matched funding through the European Innovation Council (EIC) Accelerator. This backing will allow Mifundo to advance its platform, aimed at unifying EU credit systems and improving financial accessibility across borders.
Mifundo’s goal is to establish a truly unified credit market in the EU, reducing financial inequality and providing better access to financial services for all European citizens. In total, EIC will invest €411m into companies that develop technology of strategic importance to Europe and have disruptive potential on a global scale. Mifundo, along with 67 other companies were selected in a highly competitive process from nearly 1,000 applicants.
“Mifundo’s cross-border data technology allows banks to serve clients from other European countries. As a result, European banks can enjoy improved data quality, more accurate credit assessments, and greater business opportunities by providing financial services to citizens relocating to other European countries. Banks can reduce credit risk of their foreign customers by up to 7 times and increase business volume by 15%,” said Kaido Saar, CEO of Mifundo.
“While open banking has transformed payments, FX, and investment services, credit remains stuck in outdated, fragmented systems. Even major multinational banks struggle with this. Mifundo’s creation of universal cross-border credit rails aims to break through these limitations, bringing long-overdue innovation and better access to credit across the EU” added Stanislav Ivanov, Founding Partner at Tera Ventures.
Founded by former Bigbank Group CEO Kaido Saar, Mifundo has built the first cross-border data platform for portable credit profiles. The company’s goal is to create a truly unified credit market, starting within EU, reducing financial inequality and providing better access to financial services for all European citizens. Winner of – LendTech of the Year* and Fintech Startup of the Year* and a graduate of the Mastercard Lighthouse program as one of the highest potential fintech companies in Northern Europe.
*Europe Fintech Award 2023, Banking Technology Award 2023
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Read the orginal article: https://arcticstartup.com/mifundo-raises-e10-million/
