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Figure Technologies, a blockchain-based home equity loan platform, has raised $65 million in a series B equity funding round led by RPM Ventures and partners at DST Global.
Ribbit Capital, DCM, DCG, Nimble Ventures, Morgan Creek and others also participated in the round. The latest round brings Figure’s total equity funding to more than $120 million so far. Figure said that it will use this round of financing to bolster its product offering and continue to support growth.
Based in San Francisco, Figure was co-founded last year by Mike Cagney, former co-founder and CEO of SoFi, along with Alana Ackerson, Cynthia Chen, June Ou, and Sara Priola. It has built and deployed Provenance, a distributed stakeholder blockchain, in 2018.
The company has used the Provenance blockchain for its flagship product, the Figure Home Equity Loan Plus, a fixed-rate loan that provides approval in as little as five minutes and funding in five days — all online. The product combines the best features of a traditional home equity loan and a HELOC, allowing consumers to borrow against the equity in their homes without the traditional paperwork-intensive, 45-day process, it said.
Figure said that it leverages blockchain technology for loan origination, financing and sales and has a diverse set of funds, banks and dealers active on Provenance today.
“While Figure was the first loan originator on Provenance, several other originators plan to use the platform by mid-2019. Additional use cases, such as investment funds on chain, are also planned for this year,” the release said.
Commenting on the latest round of investment, Cagney said that this validates Figure’s market potential.
“We launched the fastest HELOC in the market, and we originate, finance and sell every one of our loans on the Provenance blockchain, an industry first. From the diversity of our founding team to our alignment with our members' financial success, we believe we're building a different — and better — kind of technology company,” he said.
