Tallinn-based cross-border finance platform Mifundo, which provides integration of passport credit records across borders using a single API, has secured €2.5 million in grant funding from the EIC Accelerator Program managed by the European Innovation Council (EIC).
- 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 7x, enabling cross-border lending and increasing business volume by 15%.
Details of the deal
- The grant was received from the EIC Accelerator Program, managed by the European Innovation Council (EIC), which approved 68 startups for funding from the first 2024 EIC Accelerator cut-off in March. This totals an estimated €411 million in grants and equity, comprising up to €165 million in grants and €245 million in equity.
- The EIC Accelerator provides companies with grants of up to €2.5 million and equity investments from the EIC Fund ranging from €0.5 million to €15 million. Alongside financial backing, all projects receive Business Acceleration Services, granting access to top-tier expertise, corporate partnerships, investors, and ecosystem collaborators.
- The capital granted will empower Mifundo to expand into new countries, strengthen its pan-European data model, and extend its coverage of data services across the EU.
“This support is a testament to our mission to revolutionize the financial sector in Europe by enabling seamless cross-border credit data transfer,” Mifundo’s team, commented on LinkedIn.
