Exclusive: Tare raises $13 million from Blockchain Capital to manage private credit transactions on the blockchain

Tare, a Brooklyn-based fintech startup, has secured $13.25 million in seed funding to revolutionize private credit transactions through blockchain technology. The company, founded by former credit and crypto professionals Kevin Miao, Keerthi Moudgal, and Lucas Vogelsang, aims to consolidate previously fragmented loan management processes onto a single platform.

Blockchain Capital led the financing round, with support from Janus Henderson, Strobe Ventures, the Venture Dept, Neoclassic Capital, and the Avalanche Foundation. Notable individual backers include Aave CEO Stani Kulechov, Tether cofounder Phil Potter, and Privy CEO Henri Stern. Tare's CEO, Kevin Miao, argued that intermediaries often inflate borrower interest rates and lower investor yields due to excessive costs.

By automating loan management and eliminating friction between borrowers and investors, Tare seeks to create a more efficient and equitable credit ecosystem. The company's software will be built on the Avalanche blockchain, enabling digital loan records and streamlined administrative tasks. Tare's cofounders have extensive experience in credit and blockchain, including Miao's tenure at Citigroup and Vogelsang's role as a venture partner at Blockchain Capital.