Brooklyn-based fintech startup Tare has secured $13.25 million in a seed funding round led by Blockchain Capital. The investment, which closed in March, is intended to support the development of a blockchain-based platform for the private credit market.
The platform is built on the Avalanche blockchain and aims to automate the lending lifecycle. It uses ERC-721 tokens to represent individual loans as on-chain records and ERC-20 tokens for portfolio vaults, which track the net asset value of loan pools.
Tare targets the US non-mortgage consumer credit sector, including personal and auto loans. While investors interact with the system using stablecoins like USDC, borrowers continue to operate exclusively in fiat currency.
The company was co-founded by Kevin Miao, Keerthi Moudgal, and Lucas Vogelsang. Miao previously established BlockTower Credit, which managed $1.9 billion in assets. The startup is currently testing its smart contracts on the Avalanche Fuji testnet.
