Estonian fintech Mifundo raises €1.2M in a pre-seed funding

Mifundo, a Tallinn-based fintech startup from the founder of Bigbank, has raised €1.2 million in a pre-seed round of funding. It is building a platform that will enable people to apply for loans from banks across the EU, Finextra reports.

• Founded in 2018 by Kaido Saar, Mifundo develops an AI-based platform which makes cross-border lending possible for the banks and consumers in the European Union. The service, basically, allows the customers to choose the bank between different options from different countries.

“Our vision is to turn the entire European Union into one credit market. We become a bridge between people and banks. With the support of the included investment, the company will continue to fulfill its vision. We can develop the product and bring it to the market,”

Kaido Saar, founder and CEO of Mifundo, comments.

• Opus11 VC led the pre-seed funding. It is an Estonian investment firm, whose core team is formed by the people from Trigon Capital and founders of Fractory. Angel investors include Jüri Laur from LHV Bank and Kaido Kepp from Iizi Kindlustusmaakler. The European Regional Development Fund and EAS also supported the startup.
• The fresh funding will help to scale the solution, allowing users to get more beneficial loans and banks to enter new markets.