Funding

Mifundo funding news – Tallinn-based Mifundo Raises €10 Million in Funding

Sep 26, 2024 | By Startup Rise EU

Estonian-based Mifundo raises €10 million in funding to create a platform for portable credit profiles across the European Union. The total amount of money includes €6.3 million in matched funding from the European Innovation Council (EIC) Accelerator program, which is supported by the European Investment Bank (EIB), €2.5 million in grant funding, and an undisclosed €1.2 million pre-seed round from local investors.

SUMMARY

Estonian-based Mifundo raises €10 million in funding to create a platform for portable credit profiles across the European Union.
Mifundo is a data solution that enables banks and individuals in Europe to lend money across borders.

Furthermore, it was one of the chosen businesses that were highlighted in the EU-businesses Podcast's special edition during the AI Innovator Spotlight session, which was a component of the Innovation Radar Bridge project. Innovative AI startups that are partially supported or funded by EU projects were on display during the AI Innovator Spotlight session.

The CEO of Mifundo, Kaido Saar, gave a presentation at the event about their creative method of combining open banking with credit bureau data from throughout Europe, lowering credit risk for international clients, and increasing commercial prospects.

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Vision and Investors

Tera Ventures led it's €1.2 million pre-seed round, in which Opus11 VC and angel investors such as Sergei Anikin (ex-Pipedrive) and Mihkel Karu (ex-Skype) participated.

Kaido Saar, CEO of Mifundo, explained how the platform will benefit European banks: “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%.”

Stanislav Ivanov, Founding Partner at Tera Ventures, added: “While open banking has transformed payments, FX, and investment services, credit remains stuck in outdated, fragmented systems.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.”

About Mifundo

Mifundo is a data solution that enables banks and individuals in Europe to lend money across borders. Its Verified & Passportable Financial Identity enhances customer trust throughout the EU. The innovative technology of Mifundo assists banks in determining the credit risk of its international clients.