Huo Xing Cai Jing reports that, according to Fortune magazine, fintech company Tare has completed a $13.25 million seed round led by Blockchain Capital, with participation from Janus Henderson, Strobe Ventures, the Venture Dept, Neoclassic Capital, and the Avalanche Foundation. Individual investors include Aave CEO Stani Kulechov, Tether co-founder Phil Potter, and Privy CEO Henri Stern. The funds will be used to build and scale its loan management software, hire staff, and obtain necessary licenses for its lending arm, Tare Credit LLC, to operate nationwide. Tare was co-founded by Kevin Miao, Keerthi Moudgal, and Lucas Vogelsang, who plan to build software on the Avalanche blockchain to create digital records for loans and automate administrative tasks. Miao stated that the spread between interest paid by borrowers and returns earned by investors is often absorbed by intermediaries; a blockchain system can automate operations and eliminate these additional costs.
Fintech firm Tare completes $13.25M seed round led by Blockchain Capital
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Summary
Fintech firm Tare has closed a $13.25 million seed round led by Blockchain Capital, with participation from Janus Henderson, Strobe Ventures, the Venture Dept, Neoclassic Capital, and the Avalanche Foundation. Blockchain news highlights the involvement of Aave CEO Stani Kulechov, Tether co-founder Phil Potter, and Privy CEO Henri Stern. The funds will support the development of loan management software, hiring, and licensing for Tare Credit LLC. The company plans to build on the Avalanche blockchain to create digital loan records and automate tasks. A blockchain upgrade is expected to reduce intermediary costs by streamlining operations.
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