Estonian fintech Mifundo raises investment from the European Innovation Council

Estonian AI-powered financial solution Mifundo has raised investment from the European Innovation Council (EIC) acceleration program. The amount of financing is undisclosed. The startup also received a €2,5M grant from the EIC.

Founded in Tallinn in 2018 by Kaido Saar and Marko Käis, Mifundo is a financial solution, which allows consumers to get verified and passportable financial identity. As a result, they gain more trust from banks, including those which are located in other countries. 

For the banks, Mifundo offers aggregation of data from cross-border credit bureaus and data from other cross-border registries. The company also provides analysis of foreign bank account statements, predicts the probability of default prediction, counts standardized credit scores, etc. The startup offers its services in nine countries.

According to the startup, its solution can reduce the credit risk of foreign customers by up to 7 times and increase business volume by 15%.

The EIC Accelerator offers in the seed and growth stage startups grants of up to €2,5M, which can be combined with equity investments from €0,5M to €15M. The equity funding is provided by the EIC Fund. In addition, all the accelerator participants benefit from a range of services that provide access to expertise, and opportunities to network with corporates and investors.