Go Figure! US lendtech gets $65m funding
California-based lending firm Figure Technologies has got $65 million in series B equity funding for one HELOC of a ride.
♫ Highway to HELOC ♫
With this latest round, this brings its total equity funding to more than $120 million as it starts its second year of operations.
The round was led by RPM Ventures and partners at DST Global, with participation from investors Ribbit Capital, DCM, DCG, Nimble Ventures, and Morgan Creek. This round of financing will help Figure bolster its product offering.
Mike Cagney, co-founder and CEO at Figure, says: “We launched the fastest HELOC [home equity line of credit] 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.”
Figure’s flagship digital product, Figure Home Equity Loan Plus, is a fixed-rate loan that provides approval in five minutes and funding in five days.
The firm explains that the product 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 built and deployed Provenance, a distributed stakeholder blockchain, in 2018. It uses blockchain for loan origination, financing and sales and has a variety of funds, banks and dealers active on Provenance.
While Figure was the first loan originator on Provenance, it says several other originators plan to use the platform by mid-2019. Additional use cases, such as investment funds on chain, are also planned for this year.
Based in San Francisco, Figure was co-founded by Cagney, former co-founder and CEO of SoFi, along with Alana Ackerson, Cynthia Chen, June Ou and Sara Priola. The company has more than 100 employees in offices in California, Nevada and Montana.
