Estonian fintech startup Mifundo has secured €10 million capital injection to support the development of a cross-border data platform for portable credit profiles within the EU. The round includes both pre-seed investment from local VCs and angels, including Tera Ventures, as well as grant funding by the EIC Accelerator. Tera VC shared the details with AIN.

Investment details

The financing round included capital injections from several sources including:

  • A €1.2 million pre-seed investment led by Tera Ventures, with the participation from Opus11 VC and prominent angel investors including Mihkel Karu and Sergei Anikin.

  • A €2.5 million grant funding, announced July 30th 2024, and €6.3 million in matched funding from the European Innovation Council (EIC) Accelerator program from the European Investment Bank (EIB). 

About Mifundo

Founded in 2018 by Kaido Saar, Mifundo develops an AI-based platform which makes cross-border lending possible for the banks and consumers in the European Union. The service, basically, allows the customers to choose the bank between different options from different countries.

“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,” Kaido Saar, CEO of Mifundo has stated.

Mifundo aims to create universal cross-border credit rails across the EU, breaking through outdated, fragmented systems that hinder credit access, according to Stanislav Ivanov, Founding Partner of Tera Ventures.

With fresh funds, Mifundo aims to create a unified credit market in the EU, reducing financial inequality and improving access to financial services for all European citizens.

AIN first reported on Mifundo’s pre-seed funding in November 2022. Back then, the startup raised €1.2 million from Opus11 VC.