Estonian fintech Mifundo raises €1.2M

Tallinn-based fintech Mifundo has raised €1.2M from lead investor Estonian Tera Ventures with participation from existing investor Estonian Opus11 VC and business angels, including entrepreneurs Mihkel Karu and Sergey Anikin.

In July 2024, the European Innovation Council (EIC) announced an investment in Mifundo. According to the startup, it received €6.3M from the EIC acceleration program, which is supported by the European Investment Bank.

Founded in Tallinn in 2018 by Kaido Saar and Marko Käis, Mifundo is an AI-powered cross-border credit platform designed to help foreign customers secure loans with favorable terms from banks across the European Union (EU). The customer fills out a loan application and receives a list of loan offers that best match his needs from banks across the EU. The solution allows him to undergo verification and obtain passport financial identification, which helps earn trust from banks. The startup also allows the customer to calculate his credit score to see how banks assess his creditworthiness.

For banks, Mifundo offers aggregation of data from cross-border credit bureaus and data from other cross-border registries. The platform also analyzes foreign bank account statements, predicts the probability of default, calculates standardized credit scores, etc. Mifundo operates in nine countries and is licensed by the Estonian Financial Supervisory Authority (FSA).

Tera Ventures is an international investment company based in Estonia. The founding partners are Andrus Oks and Stanislav Ivanov. Tera Ventures invests €45M from its second fund in startups from the Baltics states, Denmark, Sweden, Finland, Poland, and the Czech Republic.

Founded in 2022 in Tallinn, Opus11 VC is an investment company consisting of a group of founders and entrepreneurs. One of the partners is Martin Vares, CEO and co-founder of Estonian on-demand metal fabrication platform Fractory. The fund is focused on early-stage startups.