Funding Round attributes
Tallinn-based fintech startup Mifundo has raised €10 million to develop a platform for portable credit profiles, enabling EU citizens to carry their credit histories across borders. The funding includes €1.2 million from a pre-seed round, €2.5 million in grant funding, and €6.3 million through the European Innovation Council (EIC) Accelerator program. Founded by Kaido Saar, former CEO of Bigbank Group, Mifundo’s goal is to create a more unified and accessible credit market within the EU, reducing financial inequality and improving credit accessibility for citizens moving between countries.
Mifundo aims to address a significant challenge faced by Europeans who move across countries: the difficulty of transferring their credit history. The platform will allow individuals to maintain and use their credit profiles regardless of their country of residence, enabling smoother transitions in financial services such as obtaining loans or mortgages. The platform's portability feature can help reduce financial barriers for citizens, ensuring they have better access to credit services and financial opportunities when relocating.
Mifundo’s CEO expressed excitement about the funding, emphasizing that this investment will accelerate the company’s efforts to build a platform that enables seamless credit portability across the EU. He also highlighted the potential for Mifundo to foster greater financial inclusion by ensuring that credit information is not restricted by national borders.
The investment from the EIC Accelerator program demonstrates strong support from European institutions, underscoring the importance of financial mobility within the EU. Investors in Mifundo see significant potential in the platform’s ability to create a more unified credit landscape, one that benefits both individuals and financial institutions by simplifying credit assessments and enabling more equitable access to financial services.
In conclusion, Mifundo’s €10 million funding round represents a critical step toward creating a pan-European credit platform. The company’s innovative approach to credit portability has the potential to transform how EU citizens access financial services when moving between countries. By addressing the challenges associated with cross-border credit transfers, Mifundo is positioned to make a significant impact on the European credit landscape. The new funding will help accelerate the development of its platform, bringing the vision of seamless financial mobility closer to reality.
