- Figure Technologies, a company that is transforming the lending experience through the power of blockchain technology, announced it closed $103 million in funding
Figure Technologies — a company that is transforming the lending experience through the power of blockchain technology — confirmed that it has closed $103 million in Series C funding led by Morgan Creek Digital and joined by MUFG Innovation Partners Co. along with other new and existing investors. Including this round, Figure has raised a total of over $225 million and now the company is valued at $1.2 billion.
“The team at Figure has accomplished so much in under two years, and this funding is a testament to that work,” said Mike Cagney, Co-Founder and CEO of Figure. “This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent lending, borrowing and investing for consumers and the financial industry, both in the U.S. and abroad.”
In conjunction with this funding round, Figure also revealed that Morgan Creek Digital co-founder and partner Anthony “Pomp” Pompliano is joining the board.
“One of our core investment theses is that every stock, bond, currency, and commodity will eventually be digitized. Figure is leading that transition from the front and is bringing radical change to finance and lending markets. Leveraging blockchain technology to drive speed, efficiency, and cost savings to lending, Figure is focused on driving out waste and dead time inherent to the lending process,” added Pompliano. “It is not often that you get the opportunity to partner with an entrepreneur like Mike Cagney and a world-class team like Figure. We are excited to have a front-row seat to the transformation of finance.”
Some of Figure’s other investors include DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the Partners at DST Global, and several others.
Figure’s flagship product is called Figure Home Equity Line — which is a fixed-rate line of credit that provides approval in as little as five minutes and funding in five days (entirely all online). And it also allows consumers to borrow against the equity in their homes without the paperwork-intensive 45-day process that traditional lenders require.
This year, Figure also started offering student loan refinance and mortgage refinance products. And so far, the company originated over $700 million in loans.
Figure’s lending products are based on a distributed stakeholder blockchain called Provenance. Provenance spun out of Figure at launch and it operates as a decentralized blockchain today.
Figure utilizes the security, efficiencies, and cost advantages of blockchain for loan origination, financing, and sales. And there are a diverse set of funds, banks, and dealers active on Provenance. And while Figure was the first loan originator on Provenance, Caliber is now using Provenance with multiple additional originators currently being onboarded.
Plus Figure also made a few key hires to accelerate its growth, including C.D. Davies as head of lending, Tony Morosini as Vice President of Banking and Payments, and Tina McNulty as Chief Communications Officer.
