Morpho Raises $175 Million to Expand Onchain Credit Infrastructure

Paris-based Morpho, a decentralized finance (DeFi) lending protocol, has secured $175 million in a funding round co-led by Paradigm, a16z crypto, and Ribbit Capital. The round also attracted participation from Apollo Funds, Circle Ventures, VanEck, Ledger Cathay, Variant, Wintermute Ventures, Prelude, IOSG, HashKey, Mirana, NJJ Capital, SBI Group, Bpifrance, and several other investors.

The company said it will use the new capital to support product development and expand its operations as it scales its lending infrastructure globally.

Building Infrastructure for Onchain Lending

Morpho operates an open-source lending network built on Ethereum and other EVM-compatible blockchains. The platform connects lenders and borrowers through a decentralized infrastructure designed for credit products.

Over time, the company has focused on creating a modular system that allows financial institutions and technology providers to integrate lending services into their own platforms. As a result, users can access credit products without leaving the applications they already use.

According to the company, the protocol currently holds more than $11 billion in deposits across its network.

Focus on Institutional Adoption

Morpho's infrastructure is already being used by organizations across the digital asset sector. Companies including Coinbase, Bitwise Asset Management, and Société Générale have adopted the platform to launch onchain credit products.

Rather than competing directly with banks and asset managers, Morpho aims to provide the underlying infrastructure they can use to offer lending and borrowing services. The company believes a shared and open network could help financial institutions access blockchain-based credit markets while maintaining control over customer experiences.

Growing Interest in Blockchain-Based Credit Markets

The funding comes as investors continue to explore blockchain-based financial infrastructure. Supporters of the technology argue that decentralized networks can improve access to credit products and simplify the movement of capital across markets.

With fresh capital and growing institutional adoption, Morpho plans to continue developing its platform and expanding its role in the onchain lending ecosystem.

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