Blockchain firm Figure Technologies has raised $103 million in a Series C funding round, which brings the company’s total funding to more than $225 million and the valuation to $1.2 billion. The round was led by Morgan Creek Digital and joined by MUFG Innovation Partners Co., Ltd and other new and existing investors.
Figure Technologies aims to transform the lending experience for consumers through the power of blockchain technology. The core of Figure’s lending products is Provenance, a distributed stakeholder blockchain, that was unveiled in 2018. 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.
“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 US and abroad.”
In addition to the investment, Figure also announced that Anthony Pompliano, co-founder and Partner at Morgan Creek Digital, will join the company’s board.
“One of our core investment theses is that every stock, bond, currency, and commodity will eventually be digitized” said Pompliano. “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. 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.”
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