Estonian fintech firm Mifundo has secured €2.5 million in grant funding plus funding from the European Innovation Council (EIC) accelerator program, making it the primary fintech firm ever to obtain full funding from this initiative.
Mifundo is devoted to revolutionizing the monetary business in Europe by creating a groundbreaking AI-based knowledge platform that allows the switch of credit score profiles throughout borders. Banks and different collectors will get the potential to evaluate the credit score threat of their overseas clients correctly. The expertise, combining cross-border knowledge from credit score bureaus, open banking and different sources,helps to cut back the credit score threat of foreigners as much as 7 instances and to extend financial institution’s enterprise volumes by 15% whereas providing seamless UX each for banks and customers. Mifundo´s mission is to create a unified credit score market inside the European Union, bettering entry to monetary providers throughout the continent.
Kaido Saar, CEO and Founding father of Mifundo, acknowledged: “This substantial funding is a robust endorsement of our mission to rework the European monetary sector. By enabling the free motion and utilization of credit score knowledge throughout Europe, we’re making it attainable for customers to entry banking merchandise in several nations seamlessly. We’re proud to be among the many choose few from practically a thousand modern corporations chosen for the extremely aggressive EIC Accelerator program.”
With the brand new funding, Mifundo plans to combine further nations into its platform, additional develop the pan-European knowledge mannequin and increase knowledge service protection inside the EU. “Mifundo will leverage this funding to speed up our progress and innovation, enjoying an important position in reshaping the way forward for cross-border finance in Europe,” added Saar.
Based in 2018 by former Bigbank Group CEO Kaido Saar, Mifundo is constructing the primary AI-based cross-border knowledge platform to allow the portability of credit score profiles all through the European Union. The corporate’s objective is to create a really unified credit score market within the EU, decreasing monetary inequality and offering higher entry to monetary providers for all European residents. The corporate has obtained prestigious awards within the sector, together with the Europe Fintech Award 2023 – LendTech of the 12 months, and Banking Expertise Award 2023 – Fintech Startup of the 12 months. Within the spring of 2023, Mastercard Lighthouse acknowledged Mifundo as one of many high-potential fintech corporations in Northern Europe.
The EIC’s funding consists of a grant of €2.5 million and likewise an fairness funding. In whole, the EIC will make investments €411 million in 68 deep tech corporations that develop expertise of strategic significance to Europe and have disruptive potential on a worldwide scale.
It’s the best program in Europe, the place practically 1,000 candidates utilized. Sometimes, the EIC invests within the deep tech sectors reminiscent of quantum computing, house expertise, biotech and drugs. Nonetheless, for the primary time within the historical past, a fintech firm has been chosen for the complete scale funding.
