Figure closes Series C Round of $103 million
Figure , “a leader in transforming the lending experience through the power of blockchain technology,” has closed a $103 million Series C round led by Morgan Creek Digital and joined by MUFG Innovation Partners Co., Ltd and other new and existing investors, bringing the company’s total funding to more than $225 million and the valuation to $1.2 billion. The company also announced that Anthony Pompliano, co-founder and Partner at Morgan Creek Digital, will join the board.
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, originating over $700 million in loans.
Figure is also the creator of Provenance, a distributed stakeholder blockchain that was unveiled in 2018. Provenance was spun out of Figure at launch and operates as a decentralized blockchain today. The company leverages the security, efficiencies and cost advantages of blockchain for loan origination, financing and sales, and there are a diverse set of funds, banks and dealers active on Provenance today. While Figure was the first loan originator on Provenance, Caliber is now using Provenance, with multiple additional originators currently being onboarded.
“The team at Figure has accomplished so much in under two years, and this funding is a testament to that work. 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.” – Mike Cagney, Co-Founder and CEO of Figure.
“One of our core investment theses is that every stock, bond, currency, and commodity will eventually be digitized. 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.” – Anthony Pompliano, co-founder and Partner at Morgan Creek Digital.