Figure raises $200 million
San Francisco-based blockchain fintech startup Figure Technologies announced it is closing a $200 million Series D funding round at a $3.2 billion valuation. 10T Holdings and Morgan Creek Digital are co-leading the round and joined by new and existing investors including DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global and others.
Founded in 2018, 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. Figure also offers student loan refinance and mortgage refinance products.
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.
“The team has accomplished so much in under three 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 the financial services industry.” – Mike Cagney, Co-Founder and CEO of Figure.
The company also announced that Sachin Jaitly, General Partner at Morgan Creek, and Stan Mironshik, Partner and Co-Founder of 10T, will join the board.
“Morgan Creek Digital is excited to support Figure because they not only built a world class lending business, but they also built a unique blockchain platform with the financial services industry in mind. Provenance, a new set of financial rails that is faster and less expensive than alternative solutions and is on the precipice of becoming adopted by major financial institutions. This poses a significant opportunity to unlock value in many ways and we couldn’t be more thrilled to support the team.” – Sachin Jaitly, General Partner at Morgan Creek.
“10T believes that Figure is building next-generation lending, trading, and settlement infrastructure for the Digital Asset Ecosystem. The speed, transparency, finality, and cost-efficiency of Provenance blockchain will be an improvement to the systems and framework that exist in the traditional financial world. We are thrilled to be able to partner with and invest in one of the premier leadership teams in the space.” – Dan Tapiero, General Partner of 10T Holdings.