Today’s private credit market is fragmented. Nonbank lenders often depend on several providers to make and manage loans, keep records, distribute payments, and ensure transactions are accurate. Because those providers all rely on different internal systems, the process can be slow and costly. That’s why a Brooklyn-based fintech company called Tare is pledging to simplify the process by using blockchain technology to bring those functions onto a single platform.
Cofounded by credit and crypto veterans Kevin Miao, Keerthi Moudgal, and Lucas Vogelsang, Tare announced Wednesday that it had raised a $13.25 million seed round, which closed in March. The company plans to use the funding to build software on the Avalanche blockchain that creates digital records of loans, while automating the administrative work involved in managing them.
