Mifundo reports that it has partnered with Experian to enable cross-border credit in the EU. Experience is a top credit reporting and analytics firm that provides services globally.
Mifundo, founded in 2028 and based in Estonia, is developing an artificial intelligence cross-border date platform to power portable credit profiles. The goal is to create a truly unified credit market in the EU. Mifundo has received financial support from the European Commission; in July 2024, the European Innovation Council (EIC) invested €10 million in It.
Mifundo’s Verified & Passportable Financial Identity technology is said to securely provide transnational credit data to enhance financial mobility.
Credit data is typically needed to get a loan, mortgage, or other types of credit. However, when relocating to another country, credit history can be lost or not acknowledged. Mifundo aims to address this issue.
Mifundo’s customers are expected to be banks and Fintechs interested in boosting their business. The company offers an API that integrates with existing systems.
Mifundo points to the example of Romanian nationals, of whom around 43,000 have migrated to Denmark. They may now transfer their credit history back to Romania.
Mifundo states that it currently covers almost 70% of Europe.
Bo Rasmussen, Experian Northern Europe’s Chief Commercial Officer, said they fully support Mifundo’s service.
“It’s essential for Experian to provide good, trustworthy, and solid data insights to our customers. We work hard for financial inclusion, and the collaboration with Mifundo is a solid anchor in that effort,” adding that EU mobility has increased significantly, especially over the past ten years.
Mifundo’s CEO, Kaido Saar, said their tech means people across the EU will now have creditworthiness follow them no longer where they live.
Mifundo notes that it is licensed by the SA and is aligned with the EU’s Digital Finance Strategy.