Morpho Raises $175M To Build The Open Credit Network For The World
June 9, 2026
Europe
Co-led by Paradigm, a16z crypto, and Ribbit with participation from Apollo Funds, Circle Ventures, VanEck, Ledger Cathay and other strategic investors, the raise marks one of the largest ever decentralized finance rounds
PARIS AND NEW YORK – June 9, 2026 – Morpho, the open blockchain-based credit network, today announced a $175M funding round co-led by Paradigm, a16z crypto, and Ribbit, with strategic participation from Apollo Funds, Circle Ventures, VanEck and Ledger Cathay. The round also included participation from Variant, Wintermute Ventures, Prelude, IOSG, Hashkey, Mirana, NJJ Capital, SBI Group, Bpifrance, Bam Azizi, and 10+ other strategic partners.
The financing comes at a time when the broader financial system is increasingly moving onchain, creating demand for open, programmable credit rails that can support digital asset lending and borrowing products at institutional scale. With $11B+ in deposits, Morpho is already used by institutional clients, including Bitwise, Galaxy, and Anchorage Digital, some of the largest crypto exchanges, such as Coinbase and Binance, and well-known crypto brands, such as Bitpanda, Kraken and Ledger.
“The true value of finance has always been held back by dated infrastructure, fragmented systems, and extractive intermediaries,” says Paul Frambot, Cofounder of Morpho. “We started Morpho to change that. We’re building the open credit network for the world, connecting those with excess capital to those who need financing, globally.”
The raise is among the largest in decentralized finance to date and reflects growing conviction that onchain infrastructure will eventually upgrade the legacy systems underpinning global finance. Morpho will deploy the capital to deepen technical and commercial integrations with strategic partners and continue developing and strengthening the infrastructure businesses need to build programmable credit products.
“In the years to come, every bank, asset manager, and pension fund will want exposure to onchain credit markets”, according to Frankie, General Partner at Paradigm. “Morpho’s open infrastructure is laying the foundation for global finance to move onchain by transforming siloed lending products into a single connected market.”
Morpho aims to provide banks, asset managers, and fintechs with a backend that unifies them on a single, shared, open network, rather than replace them, giving their users access to credit products with the best possible terms.
“Morpho’s vision of traditional finance using blockchain networks to become more efficient and effective is becoming a reality before our eyes,” said Guy Wuollet, General Partner at a16z crypto. “The simplicity and security of its technology continue to push borrowing and lending forward for some of the world’s leading financial institutions. We’re proud to continue to back Morpho as they deliver on the promise of providing more efficient and accessible credit for anyone who needs it.”
Despite its scale, credit has remained one of the most structurally inefficient parts of finance, and the one Morpho aims to upgrade.
“Lending is the largest profit pool in financial services, yet much of its infrastructure remains fragmented, opaque, and inefficient. Morpho is the most ambitious effort we’ve seen to rebuild the credit stack from first principles,” said Gabe Mennesson, Partner at Ribbit Capital. “Some of the world’s leading institutions are already using Morpho to launch tokenized credit products, and we’re still in the early innings. We believe Morpho can become a foundational layer for credit globally.”
This latest round marks Morpho’s fourth institutional fundraise since 2021, with previous backers including a16z crypto, Ribbit, Coinbase Ventures, Variant, Pantera Capital, and Nascent among others.
About Morpho
Morpho is an onchain lending network with $11B+ in deposits connecting lenders and borrowers to the optimal opportunities worldwide. Its modular, open infrastructure enables fintechs, wallets, exchanges, and institutions to embed configurable credit products directly into their platforms, while maintaining full control over the user experience. Leaders like Coinbase, Bitwise Asset Management, and Société Générale already build on Morpho to deploy secure, scalable onchain credit products. For more information, please visit Morpho.org. For more information, please visit Morpho.org.
About Ledger Cathay Capital
Ledger Cathay Capital is a €100M venture fund investing globally in Seed to Series A companies building the next wave of Web3 infrastructure, from DeFi and digital ownership to security protocols and onchain technologies. Backed by Bpifrance and co-led by Denis Barrier (Cathay Innovation) and Pascal Gauthier and Michael Louzado (Ledger), the fund combines the reach of a leading global investment platform with the authority of the world’s foremost Web3 security company. Ledger Cathay Capital gives founders the capital, industry networks, and tools to build at scale from day one, with the conviction that the future of finance is open, secure, and truly owned by its users. For more information, visit www.ledgercathaycapital.com.