Variant has led the seed round in Tenor Finance.
Tenor gives asset managers and borrowers access to fixed-rate lending markets onchain. Built on Midnight, the fixed-rate primitive Morpho announced yesterday.
We co-led Morpho’s seed in 2022 on the belief that *minimal* lending primitives could become infrastructure underpinning onchain finance integrations. Today, it’s used by Robinhood, Coinbase, Société Générale, Apollo, and other leading fintech and financial institutions for variable rate lending products. Variable rates were the first onchain because they’re the simplest to orchestrate. Next up is fixed-rate, a ~$200T market globally.
Tenor is built by former Morpho contributors Pierre-Yves Gendron and Hugo Boisselle-Morin using the full design space of Midnight to unlock whitelisted markets, RWA-backed borrowing, and soon FX and credit. For asset managers and lending desks, Tenor works like the tools they already use: OTC quote requests against any collateral, granular control, and renewal automations that settle on Midnight’s immutable, non-custodial contracts.
We’re glad to be joined by Nascent, fellow early Morpho backers whom we love working with, and to have renewed support from Coinbase Ventures, Prelude, and others.
Tenor is live today: app.tenor.finance.
Read more from the team.