Tare Raises $13 Million to Streamline Private Credit Transactions Using Blockchain
Brooklyn-based fintech company Tare has raised a $13.25 million seed round led by Blockchain Capital, with participation from several other venture firms and notable individual investors in the crypto space. The funding will be used to develop software on the Avalanche blockchain that digitizes private credit transactions and automates administrative processes involved in loan management. Tare aims to address inefficiencies in today’s fragmented private credit market where nonbank lenders rely on multiple providers for different functions, leading to slow and costly operations. By consolidating these tasks onto a single platform using blockchain technology, Tare seeks to reduce intermediary costs that currently inflate borrower interest rates while lowering investor yields. The company's founders—Kevin Miao, Keerthi Moudgal, and Lucas Vogelsang—have extensive experience in both credit markets and blockchain. They aim not just to compete with existing platforms but to modernize the outdated systems financial institutions use behind-the-scenes for loan management.
