Estonian-based Mifundo, secured €10 million in funding to create a platform for portable credit profiles across the European Union. This funding is made up of a previously undisclosed €1.2 million pre-seed round from local investors, €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 Investment Bank (EIB).
Founded by former Bigbank Group CEO Kaido Saar, Mifundo has developed the first cross-border platform for portable credit profiles. Its mission is to create a more unified credit market across the EU, reducing financial inequality and offering better financial services to European citizens. Mifundo has been recognized as LendTech of the Year and Fintech Startup of the Year at the Europe Fintech Awards 2023, and it participated in the Mastercard Lighthouse program as one of Northern Europe’s most promising fintech companies.
Additionally, Mifundo was one of the selected startups featured in the AI Innovator Spotlight session, part of the Innovation Radar Bridge project, which was highlighted in a special edition of the EU-Startups Podcast. The AI Innovator Spotlight session showcased groundbreaking AI startups partly backed or funded by EU initiatives. During the event, Mifundo’s CEO, Kaido Saar, presented their innovative approach to aggregating credit bureau data across Europe and integrating it with open banking, reducing credit risk for foreign customers and boosting business opportunities.
Investors and Vision
Mifundo’s €1.2 million pre-seed round was led by Tera Ventures, with participation from Opus11 VC and angel investors including Mihkel Karu (ex-Skype) and Sergei Anikin (ex-Pipedrive).
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Ventures, added: “While open banking has transformed payments, FX, and investment services, credit remains stuck in outdated, fragmented systems.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.”
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