Fintech company Tare has raised $13.25 million in seed funding, according to Fortune. According to PANews, Blockchain Capital led the round, with participation from Janus Henderson, Strobe Ventures, the Venture Dept, Neoclassic Capital and Avalanche Foundation, as well as individual investors including Aave CEO Stani Kulechov, Tether co-founder Phil Potter and Privy CEO Henri Stern.
The funds will be used to build and expand loan management software, hire staff and secure the licenses needed for Tare Credit LLC to operate nationwide in the United States. Tare was co-founded by Kevin Miao, Keerthi Moudgal and Lucas Vogelsang and plans to build software on the Avalanche blockchain to create digital records for loans and automate related administrative work. Miao said the difference between the interest paid by borrowers and the returns received by investors is often absorbed by intermediaries, and that a blockchain system can automate operations and remove extra costs.