Mifundo wins backing for corss-border credit platform

A combination of their previously unannounced €1.2m pre-seed round from local VCs and angels, Mifundo has also
been awarded €2.5M grant funding, alongside a decision for €6,3M in matched funding approved by the prestigious European Innovation Council (EIC) Accelerator program from the European Investment Bank (EIB), making it the first fintech company in Europe to receive such funding.

Mifundo’s goal is to establish a truly unified credit market in the EU, reducing financial inequality and providing better access to financial services for all European citizens.

In total, EIC will invest €411m into companies that develop technology of strategic importance to Europe and have disruptive potential on a global scale. Mifundo, along with 67 other companies were selected in a highly competitive process from nearly 1,000 applicants.

Mifundo’s €1.2m pre-seed round was led by Tera Ventures with participation of existing investor Opus11 VC and prominent angel investors including Mihkel Karu (ex-Skype) and Sergei Anikin (ex-Pipedrive).

"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%," said Kaido Saar, CEO of Mifundo.

“While open banking has transformed payments, FX, and investment services, credit remains stuck in outdated, fragmented systems.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