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Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round

Fri, 06 Dec 2019, 05:46 am UTC

Figure Technologies has closed its $103 million Series C funding round, which brings its total funding to over $225 million and the valuation to $1.2 billion.

The latest round was led by Morgan Creek Digital and joined by MUFG Innovation Partners Co., Ltd, DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, The Partners at DST Global and others. A recent filing with the U.S. Securities and Exchange Commission had revealed that 36 investors took part in the offering.

“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.”

In addition to the investment, Anthony Pompliano, co-founder and Partner at Morgan Creek Digital, will join Figure’s board.

Founded in 2018, Figure is a fintech company leveraging blockchain, AI, and analytics to deliver innovative home equity release solutions and other products. The core of the company’s lending products is a distributed stakeholder blockchain, called Provenance, which was spun out of Figure at launch and currently operates as a decentralized blockchain.

Figure’s flagship product – Figure Home Equity Line – is a fixed-rate line of credit that provides approval in as little as five minutes and funding in five days with the entire process carried out online. It allows consumers to borrow against the equity in their homes without the paper-intensive, 45-day process usually required by traditional lenders.

The company has also started offering student loan refinance and mortgage refinance products this year. It said that it has originated over $700 million in loans.

“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.”

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