Cross-border lending across Europe: Mifundo expands Romanian credit data coverage through partnership with Biroul de Credit

The cooperation supports secure and compliant cross-border credit data access for banks across Europe. Mifundo connects credit data from 20+ European countries, covering more than 70% of Europe.

Biroul de Credit, the dominant and historically established banking credit bureau in Romania, and Mifundo have entered into a cooperation agreement to help European banks assess Romanian customers who are often treated as thin-file applicants despite having established financial histories in Romania.

„Through access to verified Romanian credit data and financial histories, European banks can assess Romanian customers whose financial history is fully or partly outside the country more accurately and with up to 7x lower risk using cross-border credit data.”- according to the press release..

Cross-border data access through the Mifundo platform is based on customer consent, GDPR-compliant processing and secure data exchange aligned with European regulatory requirements.

“Romania has one of the European Union’s largest diaspora populations, with millions of Romanians living and working across Europe,” said Cristian Racu, CEO at Biroul de Credit. “Banks increasingly need secure and compliant ways to assess customers whose financial histories span multiple countries. Our cooperation with Mifundo supports responsible access to verified Romanian credit data while maintaining strong standards for customer consent and data protection.”

“Many cross-border customers are treated as thin-file applicants because parts of their financial history sit outside domestic bureau systems,” said Kaido Saar, Founder and CEO of Mifundo. “As cross-border banking grows across Europe, banks need infrastructure that supports both responsible lending and strong compliance standards. Our cooperation with Biroul de Credit supports secure and transparent access to verified credit data from Romania while maintaining a strong focus on customer consent and data protection.”

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Mifundo is a pan-European credit data infrastructure that enables banks to assess foreign-resident customers using complete cross-border financial data. The platform connects credit data from 20+ European countries, covering more than 70% of Europe and combines it with categorised bank account data for consistent credit decisions and provides it to the creditors in one single standardised format.

Mifundo is fully GDPR-compliant, supervised by the Estonian Financial Supervision and Resolution Authority, and designed to support consistent cross-border creditworthiness assessments across European markets. Mifundo is backed by €10 million from the European Innovation Council, which recognises the company as a strategic partner in building Europe’s cross-border financial data infrastructure.

Biroul de Credit S.A. is Romania’s established credit bureau, founded at the end of 2003 and registered with the Trade Register on 16 February 2004. The company is a joint-stock company whose shareholders are 16 banks and is a member of the Association of Consumer Credit Information Suppliers – ACCIS, the European association of credit Bureaus.

Biroul de Credit collects and processes data regarding the credit portfolios of individuals reported by participating financial institutions. The information and analyses provided by Biroul de Credit support participants in assessing repayment capacity, determining indebtedness levels, identifying and quantifying credit risk, improving credit quality and applying uniform scoring criteria in customer assessment.