Tallinn-based Mifundo, developing an AI-based data platform that enables the transfer of credit profiles across borders, has received €2.5 million in grant funding from the European Innovation Council (EIC) Accelerator program. The funding will be used to expand the platform across Europe.
- Founded in 2018 by former Bigbank Group CEO Kaido Saar, Mifundo develops an AI-based cross-border data platform to enable the portability of credit profiles throughout the European Union. The company’s goal is to create a truly unified credit market in the EU, reducing financial inequality and providing better access to financial services for all European citizens.
CEO and co-founder, Kaido Saar
- The startup also claims that its technology, combining cross-border data from credit bureaus, open banking and other sources helps to reduce the credit risk of foreigners up to 7 times and to increase bank’s business volumes by 15% while offering seamless UX both for banks and consumers. Additionally, in November 2022, Mifundo raised a €1.2 million in a pre-seed funding.
About the fresh financing:
- The grant funing was provided by EIC. In total it will invest 411 million in 68 companies that develop technology of strategic importance to Europe and have disruptive potential on a global scale. These were selected in a highly competitive process from nearly 1,000 candidates.
- Typically, the EIC invests in the deep tech sectors such as quantum computing, space technology, biotech and medicine. However, for the first time in the history, a fintech company has been chosen for the full scale investment.
With the new funding, Mifundo plans to integrate additional countries into its platform, further develop the pan-European data model and expand data service coverage within the EU.
