Verified and Passportable Financial Identity

Introduction

Mifundo OÜ, an Estonian fintech founded in 2018, is developing the first cross-border AI and data platform. We provide a technology layer to passport credit histories across borders through one single API.

Problem Statement

Today's bank lending is country-based, and there is no solution available across the EU, making cross-border borrowing almost impossible. No single party, bank, or credit bureau is interested in solving a problem that requires such a high investment. Mifundo is removing the barriers between people and banks in the EU that eliminate over 45 million people from having access to financial services, due to the highly fragmented nature of data.

Achievements

Despite being new to the market, Mifundo has achieved success by:

1. Becoming a member of ACCIS (world's largest credit reference agency).
2. Joining FinanceEstonia (financial sector representative organization supporting the Estonian economy).

Solution

Mifundo enables financially excluded European expats to access capital by passporting credit histories across borders. This reduces loan disparities and discrimination by nationality while improving financial literacy. Additionally, banks do not need to perform credit analysis as Mifundo provides it and ensures local compliance.

By leveraging diverse data sources and generating new data points, the platform enhances the credit score model's accuracy.

Project Objectives

The main objectives of the EIC Accelerator project are:

1. Data collection and standardization.
2. Credit risk score development.
3. Regulatory compliance.
4. Developing an AI engine for credit risk assessment.

Funding Impact

This funding accelerates platform development, enhances risk assessments with cutting-edge technologies, establishes partnerships, ensures compliance, and expands the user base. Mifundo aims to become the leading cross-border credit service provider in the EU.