Figure Technologies Plans To Raise Over $100 Million

By Dan Anderson ● December 3, 2019
  • Figure Technologies is going to be raising over $100 million more, according to an SEC filing spotted by TechCrunch

Figure Technologies — a financial technology company founded by SoFi co-founder and former CEO Mike Cagney — is close to raising another round of funding at more than $100 million according to an SEC filing discovered via TechCrunch.

This round of funding comes on the heels of Figure raising $120 million in funding earlier this year. This invests in that round include DST Global, RPM Ventures, Ribbit Capital, Morgan Creek, and Nimble Ventures. And in May, Figure closed up to $1 billion in the form of an uncommitted asset-based financing facility on a custom blockchain from Jefferies and WSFS Institutional Services.

For this round, it appears specifically that Figure plans to close $103 million in Series C funding. Or it may be closing soon.

What does Figure do? Figure started out by offering home loans to older people who do not have earning income and have a lot of their wealth tied into their existing homes. But now Figure is also looking into offering options for younger people who want to refinance student loans.

Figure’s financial services are run through its blockchain called Provenance. And Provenance has a native token called Hash, which is used for accessing the blockchain.

Cagney launched Figure with his wife June Ou. Ou currently serves as the COO of Figure. And Ou was previously the CTO of SoFi.

Figure’s was also founded by Alana Aldag Ackerson and Cynthia Chen. Ackerson previously worked as the CEO of the Thiel Foundation. And Chen was a venture partner at DHVC (Danhua Capital).