SAN FRANCISCO--(BUSINESS WIRE)--Figure Technologies, Inc. (Figure™), a leader in transforming financial services through the power of blockchain technology, today announced that former Morgan Stanley Global Head of Securitized Lending Bob Hershy will join the company as Head of Figure Debt Capital Markets, part of the merchant banking effort Figure launched last year.
“Bob and I have known each other for decades and it is an honor to have him join Figure in such an important capacity,” said Mike Cagney, CEO and Co-Founder of Figure.
“Bob will play a critical role in educating the financial industry on the massive cost savings and efficiencies that can be achieved today through Provenance, the blockchain platform we built to transform financial services. Bob will also be instrumental in leveraging Provenance marketplace to provide capital for asset originators and liquidity for asset buyers. In addition to being a great banker, Bob is a true leader and we’re very fortunate to have him on our team.”
Hershy got his start at Morgan Stanley in 1984, working in sales of securitized products. He rose to become Managing Director and Global Head of Securitized Products Lending. Hershy also held positions at Morgan Stanley that included Head of U.S. Warehouse Lending, Global Head CLO New Issue and Global Deputy Head of SPG. Hershy retired from Morgan Stanley in January of 2019.
“I consider this one of those once in a lifetime opportunities,” Hershy said. “To be able to play a role in bringing the world of finance to the blockchain revolution, really gives me a front row seat to watch history unfold. We are going to build more than just a business at Provenance, we’re going to change the world of finance by introducing Wall Street to the ways blockchain can eliminate costs from intermediaries, automate inefficient operational processes and slash risk.”
Provenance’s ability to serve as a capital markets marketplace has already been proven.
In March, Figure completed the first third party loan transaction on Provenance when Pacific Private sold a package of loans to their parent company. Earlier this year, Provenance became the first blockchain platform ever to successfully complete an Asset Backed Securitization, where every step of the securitization transaction occurred on Provenance. Figure has originated, closed and funded more than $1 billion in HELOC, Student Loan Refinance and Mortgages on Provenance, another first for the industry.
Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to both consumers and institutions. Figure can take loans from application to funding in days, not the weeks-long process offered traditionally. Their products eliminate time-consuming physical property appraisals and inspections, require zero paperwork and offer five star customer service. Currently Figure offers HELOCs and Mortgage Refinancing and plans to continuously expand its portfolio of loan products. Figure originates all of its loans on Provenance. 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.
Provenance is the leading blockchain for the financial services industry. Provenance is used by a variety of financial institutions. Hash is the underlying security token on Provenance and provides a means for distribution of economics and governance. Provenance is administered by Provenance Blockchain, Inc. Learn more at www.provenance.io.