Morpho (Morpho Labs)
Morpho (Morpho Labs) is a DeFi & RWA company founded in 2021 and based in Paris, France. It has raised $244M in total funding, most recently a Token round in 2026 at a $2B valuation.
Morpho was founded in 2021 in Paris by Paul Frambot, Merlin Egalite, and Mathis Gontier Delaunay as a more efficient layer for on-chain lending. Its Morpho Blue protocol lets anyone create isolated, permissionless lending markets with custom collateral and risk parameters, and curators build vaults on top to allocate depositor funds. Morpho has become widely used lending infrastructure, notably powering Coinbase's crypto-backed loan product, and by mid-2026 held billions of dollars in deposits with institutional users including Coinbase, Kraken, Galaxy, and Anchorage Digital. In August 2024 it raised $50 million in a round led by Ribbit Capital with participation from a16z crypto, Coinbase Ventures, and Pantera. In June 2026 the Morpho Association closed a $175 million round co-led by Paradigm, a16z crypto, and Ribbit Capital — reported as one of the largest raises in DeFi to date — made through purchases of Morpho's token at a valuation of up to roughly $2 billion.
Morpho is becoming the back-end lending engine for major platforms, turning DeFi credit into embedded infrastructure rather than a standalone app.
morpho.org ↗·DeFi & RWA·
France·private 
