Tallinn-based cross-border finance platform Mifundo, which provides integration of passport credit records across borders using a single API, has received €10 million, as Vestbee was told.
- Co-founded in 2018 by Marko Käis and Kaido Saar, Mifundo develops a data solution platform that enables cross-border lending and credit risk assessment for banks and consumers.
- The platform aggregates credit bureau data, calculates standardized credit scores, and reduces foreign customer credit risk by up to sevenfold, enabling cross-border lending and increasing business volume by 15%.
Details of the funds
- The €10 million received was allocated across three distinct funding rounds, including:
- €1.2 million raised in a pre-seed round led by Tera Ventures, with participation from existing investor Opus11 VC and prominent angel investors, including Mihkel Karu, former Skype executive, and Sergei Anikin, former Pipedrive executive.
“While open banking has transformed payments, FX, and investment services, credit remains stuck in outdated, fragmented systems.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," said Stanislav Ivanov, Founding Partner at Tera Ventures.
2. In July, Mifundo also secured €2.5 million in grant funding from the EIC Accelerator Program, managed by the European Innovation Council (EIC).
- The grant was part of the first 2024 EIC Accelerator cut-off in March, which approved 68 startups for funding. In total, the EIC allocated approximately €411 million, with up to €165 million in grants and €245 million in equity investments.
3. €6.3 million came from the EIC Accelerator program, in collaboration with the European Investment Bank (EIB).
- Mifundo aims to create a unified credit market in the EU to reduce financial inequality and improve access to financial services for all citizens. The €10 million funding will be used to develop a cross-border data platform for portable credit profiles, enhancing credit score calculations and enabling easier cross-border lending.
