SAN FRANCISCO--(BUSINESS WIRE)--Figure Technologies, Inc. (Figure™), a leader in transforming the lending experience through the power of blockchain technology, announced today it has closed a $103 million Series C funding round led by Morgan Creek Digital and joined by MUFG Innovation Partners Co., Ltd and other new and existing investors, bringing the company’s total funding to more than $225 million and the valuation to $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.”
The company also announced that Anthony Pompliano, co-founder and Partner at Morgan Creek Digital, will join 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,” said 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.”
Other Figure investors include DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, The Partners at DST Global and others.
The company’s flagship product is Figure Home Equity Line, a fixed-rate line of credit that provides approval in as little as five minutes and funding in five days — all online. It allows consumers to borrow against the equity in their homes without the paperwork-intensive, 45-day process traditional lenders require.
Earlier this year, Figure began offering student loan refinance and mortgage refinance products. The company has originated over $700 million in loans.
At the heart of Figure’s lending products is Provenance, a distributed stakeholder blockchain, that was unveiled in 2018. Provenance was spun out of Figure at launch and operates as a decentralized blockchain today. The company leverages 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 today. While Figure was the first loan originator on Provenance, Caliber is now using Provenance, with multiple additional originators currently being onboarded.
The company has also added new hires to accelerate 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.
Figure Technologies is transforming the lending experience for consumers through the power of blockchain technology. Figure can take loans from application to funding in days, not the weeks-long process offered by banks. Their products eliminate time consuming physical property appraisals and inspections, requires zero paperwork and offers five star customer service. Currently Figure offers HELOC, Mortgage Refinancing and Student Loan Refinancing and plans to continuously expand its portfolio of loan products. Figure processes all of its loans through Provenance, the company’s proprietary blockchain platform that will soon also process loans for leading financial companies around the world. The company was founded by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO.