Private credit market is fragmented

Nonbank lenders use multiple providers to make loans, keep records, distribute payments, and verify transactions. Different internal systems make the process slow and costly.

Tare launches with $13.25M seed round

Brooklyn fintech Tare, cofounded by Kevin Miao, Keerthi Moudgal, and Lucas Vogelsang, raised $13.25 million led by Blockchain Capital. The company will build loan management software on the Avalanche blockchain.

Middlemen costs inflate borrowing rates

Intermediaries between borrowers and investors absorb the difference in what borrowers pay versus what investors earn. This inflates interest rates for borrowers while lowering yields for investors.

“We deserve to have a system that works for us and doesn't extract from both sides.”

Blockchain competitors focus on trading

Figure operates a blockchain lending platform, Centrifuge tokenizes real-world assets, and Octaura streamlines institutional credit trading. Tare targets the back-office systems that manage loans behind the scenes.

“The old way of doing things is the competitor.”

Founders bring credit and crypto expertise

Miao worked at Citigroup and founded BlockTower Credit, a $2 billion private-credit fund. Vogelsang cofounded Centrifuge. Moudgal led development at J.P. Morgan's blockchain unit. They launched Tare in late 2023.

Tare plans U.S. expansion and hiring

The company has offices in Brooklyn and Lisbon. It will use seed funding to build software, hire staff, and obtain licenses for Tare Credit LLC to operate across the United States.