Blockchain-based lender Figure seeks US bank charter
Figure Technologies, a US-based blockchain technology firm, has applied for a national bank charter from the Office of the Comptroller of the Currency (OCC).
Figure says it could end up with 200 different licences otherwise
Founded by former Sofi executives, Figure uses its Provenance blockchain for loan origination, servicing, financing, and private funds.
The firm is looking for a charter to reduce the complexity of its operations.
Mike Cagney, CEO of Figure, says that without a charter it would end up with more than 200 state licences.
“By reducing complexity, we can leverage the technology efficiencies we have to deliver financial solutions to traditionally underserved and underrepresented consumers.”
The charter will enable Figure to offer what it calls a “cohesive” set of products and services across the US.
Figure wants to focus its compliance efforts on the requirements of the OCC, rather than those of multiple state operators.
C.D. Davies, head of lending at Figure, will lead the company’s efforts to obtain the bank charter from the OCC. He will become CEO of any resulting Figure Bank.
Davies spent time as CEO of CitiMortgage and head of global mortgage at Citibank. He also previously served as president of home loans at Capital One.
“This national bank charter will be instrumental in our efforts to continue to develop and deliver new financial products and services,” says Davies.
Figure has raised more than $1.4 billion since 2018. Its last funding round in December 2019 saw it net $103 million in a Series C led by Morgan Creek Digital.
