Libra is the first bank in Romania to use financial data from the EU and the UK to analyze credit applications of Romanians living in the diaspora
Libra Internet Bank is strengthening its support for Romanians living abroad by using Mifundo services to incorporate cross-border financial data into the credit application assessment process. „This enables Libra to integrate information on income and credit from most European Union countries, as well as from the United Kingdom, providing a more detailed and relevant picture of the financial profile of customers abroad. The application process becomes simpler and more efficient, while maintaining the bank’s lending standards.” – according to the press release.
“Many Romanians working in Europe have stable incomes and a solid credit history, but this information has not always been available in credit application assessments. Thanks to Mifundo, we can use data from the credit bureau in the country of residence, together with banking data, when evaluating applications from Romanians in the diaspora. This means fewer manual processes and shorter decision times,” said Corneliu Toma, Head of Retail Banking Division at Libra Internet Bank.
Libra Internet Bank offers Romanian customers living abroad the possibility to purchase a home in Romania through a mortgage loan specifically designed for individuals earning income abroad. The application process is available online, and customers only need to travel to Romania to sign the credit agreement.
Through its partnership with Mifundo, Libra Internet Bank continues its modernization and digitalization of banking services. This approach is aligned with the European Consumer Credit Directive (CCD2), which requires the use of relevant data from multiple countries in credit application assessments and ensures equal treatment for citizens across all EU member states.
“Mifundo specializes in structuring cross-border financial data for credit assessment. Banks that use comprehensive cross-border credit data make more accurate decisions, increase approval rates for customers residing abroad, and reduce risk compared to assessments based solely on local data,” said Kaido Saar, CEO and Co-founder of Mifundo.
The Verified & Passportable Financial Identity platform developed by Mifundo forms the foundation of a pan-European credit data infrastructure. The solution is funded by the European Union as a key strategic technology for Europe and is already used by banks in several European countries. The platform connects credit data from over 20 countries, covering more than 70% of Europe, and delivers it in a standardized format compatible with existing lending processes.
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Libra Internet Bank offers comprehensive financial solutions for individuals, with a special focus on Romanians living abroad, as well as products and services for liberal professions, real estate companies, and agribusiness. The bank is also a partner to leading international fintech companies present in Romania. Libra Internet Bank provides instant payments in both RON and EUR, as well as a generative AI voice-based service within its mobile banking application. It operates a network of 59 branches in Bucharest and other major cities in Romania. Founded in 1996 in Bucharest, Libra Internet Bank is part of the American investment group New Century Holdings (NCH).
Mifundo is a pan-European credit data infrastructure that enables banks to assess customers residing abroad using comprehensive cross-border financial data. The platform connects credit data from more than 20 European countries, covering over 70% of Europe, and combines it with structured bank account data to support consistent lending decisions, delivering all information in a single standardized format.
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