Figure Raises $65M
Figure , the fintech company led by Mike Cagney, the former CEO of SoFi, has raised $65m in a Series B round led by RPM Ventures and partners at DST Global, with participation from Ribbit Capital, DCM, DCG, Nimble Ventures, Morgan Creek and others.
The company’s flagship product – Figure Home Equity Loan Plus – is a fixed-rate loan 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. Since September 2018, Figure has funded more than 1,500 HELOCs for members across 36 states.
Figure also introduced Figure Home Advantage (FHA) – an alternative to reverse mortgages. FHA members can sell their homes to Figure, get cash up front and stay in place as renters for as long as they wish. Figure covers all expenses, including property taxes, upkeep and insurance. FHA is currently being rolled out across Texas, Illinois and Nevada, with plans for a national rollout midyear.
Last, Figure has built and deployed Provenance, a distributed stakeholder blockchain. The company leverages “the security, efficiencies and cost advantage” of blockchain for loan origination, financing and sales and has a diverse set of funds, banks and dealers active on Provenance today.
“We are encouraged by what we’ve accomplished in our first year, and this investment validates Figure’s market potential. We launched the fastest HELOC in the market, and we originate, finance and sell every one of our loans on the Provenance blockchain, an industry first. From the diversity of our founding team to our alignment with our members’ financial success, we believe we’re building a different – and better – kind of technology company.” – Cofounder and CEO of Figure, Mike Cagney.