Mifundo, an Estonian fintech company, has made significant strides in the financial sector by securing €10 million in funding. This financial boost aims to revolutionise cross-border lending using artificial intelligence, marking a pivotal moment for the company.
With this investment, Mifundo seeks to develop an AI-driven platform that creates portable credit profiles across the EU. This innovation promises to break down existing financial barriers and improve access to credit for all Europeans, demonstrating Mifundo’s commitment to fostering financial inclusion.
Mifundo, a pioneering fintech company based in Estonia, has successfully secured €10 million in funding to advance its innovative cross-border lending platform, leveraging artificial intelligence. This funding includes a significant €1.2 million pre-seed investment, led by Tera Ventures with contributions from notable angel investors, providing a strong foundation for Mifundo’s expansion and technological advancement.
The funding round underscores Mifundo’s status as the first European fintech to secure such comprehensive financial backing. Notably, it comprises €2.5 million in grant funding and an additional €6.3 million in matched funding from the prestigious European Innovation Council Accelerator programme. This strategic support from major financial entities reflects confidence in Mifundo’s potential to disrupt traditional banking models.
Incorporating cross-border data, open banking, and insights from credit bureaus, Mifundo’s platform reduces credit risks associated with foreign customers up to sevenfold. Simultaneously, it accelerates banking business volumes by 15%, demonstrating the platform’s capacity to redefine credit assessment and customer interaction in the digital era.
By enabling banks to communicate seamlessly with customers across Europe, Mifundo’s platform is positioned as a transformative force in the financial sector. This innovation not only mitigates credit risks but also promotes financial inclusion, allowing underbanked populations access to essential financial services.
Mifundo’s platform not only serves as a tool for financial access but also as a catalyst for economic equality across Europe. By standardising credit evaluation and offering seamless banking experiences, it empowers consumers to make informed decisions, thereby enhancing their financial well-being and stability.
Looking forward, Mifundo is poised to continue its expansion and innovation in the fintech sector. The company’s steadfast commitment to reshaping the financial landscape prioritises customer experience and operational excellence, positioning it as a leader in cross-border lending technologies.
Mifundo’s success in securing substantial funding underscores its potential to transform the European financial landscape. By leveraging AI and fostering cross-border financial inclusion, the company is set to redefine how credit is assessed and delivered, paving the way for a more integrated and equitable financial future across Europe.
In conclusion, Mifundo’s innovative approach to cross-border lending stands as a testament to its potential to drive change in the European financial marketplace. The platform’s AI capabilities and strategic backing highlight its role in reshaping financial services.
