Figure launches digital fund services offering on blockchain
Figure Technologies has launched the world’s first end to end digital funds services offering on blockchain and welcomed its first investment firm partner.
Figure’s Digital Fund Services offering leverages the Provenance blockchain to automate largely manual, paper-based processes associated with fundraising, investment fund set-up and ongoing fund management, freeing up time and resources for fund managers to focus on what they do best, invest.
“Figure’s Digital Fund Services offering is the first end-to-end blockchain solution that combines tools for digital fundraising and ongoing fund management with a primary marketplace for raising capital and a future secondary marketplace for trading fund interests,” said Mike Cagney, CEO and Co-Founder of Figure. “We welcome Friends & Family Capital to this innovative fund platform.”
Friends & Family Capital II L.P., a multi-stage venture capital fund that invests in high-technology growth companies, has listed on the Provenance Marketplace. Friends & Family Capital is Figure’s inaugural investment fund partner, leveraging Figure’s Digital Fund Services offering for capital raising, investor onboarding and KYC/AML/BSA via Passport, digital subscriptions, capital calls and transfer agent services. Friends & Family Capital also aims to leverage a liquid marketplace for fully digital secondary trading of fund interests with T+0 settlement, no counterparty risk, and dramatically lower transaction costs.
“Figure’s holistic solution for fund managers and investors allows us to spend less time managing third party providers and more time partnering with entrepreneurs transforming big markets,” said John Fogelsong, Founding Partner of Friends & Family Capital. “We’re delighted to be the first investment firm in the world to raise and manage a fund using this transformational technology.”
Provenance now hosts a number of new services critical to the financial services infrastructure. Earlier this year, Figure completed the first blockchain securitization on Provenance. Recently, the company announced the first blockchain-based marketplace for buying and selling loans and the biggest bond backed by home equity lines of credit since the housing collapse over a decade ago.
