Estonian-based Mifundo, secured €10 million in funding to create a platform for moveable credit score profiles throughout the European Union. This funding is made up of a beforehand undisclosed €1.2 million pre-seed spherical from native traders, €2.5 million in grant funding, and €6.3 million in matched funding from the European Innovation Council (EIC) Accelerator program, backed by the European Funding Financial institution (EIB).
Based by former Bigbank Group CEO Kaido Saar, Mifundo has developed the primary cross-border platform for moveable credit score profiles. Its mission is to create a extra unified credit score market throughout the EU, lowering monetary inequality and providing higher monetary providers to European residents. Mifundo has been acknowledged as LendTech of the Yr and Fintech Startup of the Yr on the Europe Fintech Awards 2023, and it participated within the Mastercard Lighthouse program as one in all Northern Europe’s most promising fintech corporations.
Moreover, Mifundo was one of many chosen startups featured within the AI Innovator Highlight session, a part of the Innovation Radar Bridge venture, which was highlighted in a particular version of the EU-Startups Podcast. The AI Innovator Highlight session showcased groundbreaking AI startups partly backed or funded by EU initiatives. Through the occasion, Mifundo’s CEO, Kaido Saar, introduced their progressive method to aggregating credit score bureau information throughout Europe and integrating it with open banking, lowering credit score threat for overseas clients and boosting enterprise alternatives.
Buyers and Imaginative and prescient
Mifundo’s €1.2 million pre-seed spherical was led by Tera Ventures, with participation from Opus11 VC and angel traders together with Mihkel Karu (ex-Skype) and Sergei Anikin (ex-Pipedrive).
Kaido Saar, CEO of Mifundo, defined how the platform will profit European banks: “Mifundo’s cross-border information know-how permits banks to serve purchasers from different European international locations. In consequence, European banks can take pleasure in improved information high quality, extra correct credit score assessments, and higher enterprise alternatives by offering monetary providers to residents relocating to different European international locations. Banks can cut back credit score threat of their overseas clients by as much as 7 occasions and enhance enterprise quantity by 15%.”
Stanislav Ivanov, Founding Companion at Tera Ventures, added: “Whereas open banking has reworked funds, FX, and funding providers, credit score stays caught in outdated, fragmented techniques. Even main multinational banks wrestle with this. Mifundo’s creation of common cross-border credit score rails goals to interrupt by way of these limitations, bringing long-overdue innovation and higher entry to credit score throughout the EU.”
