Figure

Finance & Banking
Figure header

Figure

Finance & Banking

Financial technology leveraging blockchain for debt financing

United States, San Francisco
$1.3B
Total amount raised
2018
Year of establishment
Active
Status

About

Hi we’re Figure!


Figure is a financial technology company co-founded in 2018 by Mike Cagney, the founder and former CEO of SoFi, along with a team of accomplished executives from SoFi, PeerStreet, Lending Home, State Farm, Franklin Templeton, NYSE and other leading firms. Figure advisors include former SEC chairman, Arthur Levitt, former FDIC Chairwoman Sheila Bair, former Digital Asset CEO Blythe Masters, Global Atlantic CIO Anup Agarwal and Andy Sandler, founder of Buckley Sandler.

The company is leveraging blockchain, AI, and analytics to deliver innovative home equity release solutions and other products that help improve the financial lives of our customers. Figure is building a blockchain protocol to fundamentally transform how financial products are originated and transacted.

They also started the permissioned lending platform provenance.io which is the blockchain arm of Figure Technologies. Provenance's main occupation is tokenization of assets (loans, mortgages).

Figure Technologies created a retail loan product for homeowners to borrow online against their home’s equity. From September 2018 to February 2019 the company advanced 1,500 loans. A key intent of the retail operation is to use the Provenance blockchain and prove its viability. The company claims to have loaned over $ 1.2 Billion for thousands of people.

Figure is backed by a group of leading venture firms, including Ribbit, DCM, partners at DST,HCM|Foxconn Technology Group and others and raised over $138 million of equity capital in series A and B financing. As of July 2019, Figure has over 170 employees, primarily in San Francisco, California; Helena and Bozeman, Montana; and Reno, Nevada.

Key objective

Build and promote innovative financial products and solutions on blockchain that eliminate rent seeking, illiquidity and other inefficiencies present in current financial markets

Slogan / Motto

The fastest, easiest way to reach your financial goals

Use cases

Lending

Team

Products

Funding

Received funding
$1,296,800,000
Total amount raised
9
Rounds
26
Total amount of investors
Amount Raised
Funding type
Funding round closing
Investors
$103,000,000
Series C
Morgan Creek Digital
MUFG Bank, Ltd.
RPM Ventures
$58,800,000
Venture

$20,000,000
ICO/Token Sale

$1,000,000,000
Debt
Jefferies
WSFS Bank
N/A
Series B
HCM Capital
$65,000,000
Series B
CreditEase Fintech Investment Fund
Digital Currency Group
DST Global
Morgan Creek Capital Management
Nimble Ventures
Ribbit Capital
RPM Ventures
Ulu Ventures
$50,000,000
Series A
Conversion Capital
CreditEase Fintech Investment Fund
DCM Ventures
Digital Currency Group
Mithril Capital Management
Ribbit Capital
RPM Ventures
Thomvest Ventures
Ulu Ventures
N/A
Series A
DHVC
Cynthia Chen
N/A
Series A
Nimble Ventures

News

Banks rally against Figure’s ‘precedent-shattering’ charter bid

An influential group of trade groups representing US banks has urged the Office of the Comptroller of the Currency to postpone consideration of Figure’s bank charter application. The post Banks rally against Figure’s ‘precedent-shattering’ charter bid appeared first on The Block.


5 months ago


Regulation/Legal
Figure Technologies, Inc.
Figure
The Block

Blockchain Bites: Figure Files for Banking Charter, Cred for Bankruptcy

Also: Ripple is opening a new office in Dubai and President-elect Joe Biden mulls two crypto-friendly potential cabinet picks.


6 months ago


General news
Figure Technologies, Inc.
Figure
Cred
Ripple Labs Inc.

Figure Technologies applies for bank charter

Figure Technologies, a blockchain-based startup for providing loans against mortgage equity, has become the latest fintech player to apply for a bank charter.


6 months ago


Product update/release
Figure Technologies, Inc.
Figure

Figure Technologies Applies for US National Bank Charter

A charter would give the fintech national clearance for its blockchain-based financial services.


6 months ago


Product update/release
Regulation/Legal
Figure Technologies, Inc.
Figure

Blockchain lending startup Figure seeks national bank charter: report

Blockchain lending startup Figure Technologies is seeking a national bank charter from U.S. regulators, according to a Bloomberg report. The post Blockchain lending startup Figure seeks national bank charter: report appeared first on The Block.


6 months ago


Research
Product update/release
Regulation/Legal
Figure Technologies, Inc.
Figure
Bloomberg Beta
The Block