Mifundo, an Estonia-based credit assessment platform, has announced a partnership with Yapily, a London-headquartered open banking infrastructure provider. The collaboration integrates Yapily’s enriched bank account data capabilities into Mifundo’s cross-border credit evaluation system, enabling lenders across Europe to access comprehensive, standardized credit reports for borrowers with financial histories spanning multiple countries.
The partnership addresses a persistent challenge in European lending: the fragmentation of credit data across national borders. By combining verified credit information from more than 20 European countries with real-time, consent-based bank account data, the integration creates a unified credit report that financial institutions can rely upon when assessing borrowers with cross-border financial profiles.
Bridging data silos in European credit markets
Mifundo’s platform has built its foundation on aggregating credit bureau data from across Europe, consolidating information that traditionally existed in isolated national databases. Yapily’s contribution to this partnership lies in its open banking connectivity, which provides categorized financial transaction data drawn directly from borrowers’ bank accounts with their explicit consent.
Kaido Saar, Founder and CEO of Mifundo, explained the rationale behind the partnership: “Cross-border credit assessment requires more than one type of financial data. Credit bureau data shows how a customer has managed credit over time, while open banking data provides additional insight into their current financial situation. Mifundo brings these different data sources together across countries and standardises them into one report that banks can use in their credit assessment. Yapily is an important partner in providing open banking connectivity within that wider ecosystem,” he stated.
Standardization for lenders navigating complexity
For European lenders operating across multiple jurisdictions, credit assessment has historically demanded significant resources to reconcile different data standards, reporting formats, and regulatory requirements. This partnership seeks to reduce that operational friction by presenting borrowers’ financial profiles through a single, standardized lens.
The integration leverages Yapily’s established connections to financial institutions across Europe, combined with Mifundo’s expertise in normalizing and verifying credit information. Together, the platforms enable lenders to make more informed decisions while maintaining compliance with data protection regulations such as GDPR, which governs consent-based data access across EU member states.
Growing importance of integrated financial data
The announcement reflects broader trends within European fintech, where companies increasingly recognize that comprehensive financial assessment requires multiple data sources. Open banking, mandated across the EU through the Payment Services Directive 2 (PSD2), has created new opportunities for platforms to access transaction-level data with customer consent. Credit assessment platforms are among the primary beneficiaries of this regulatory framework.
As European fintech matures, partnerships like the Mifundo-Yapily collaboration demonstrate how infrastructure providers and specialized platforms can combine complementary capabilities to serve the continent’s fragmented lending market more effectively than either could independently.