Figure Technologies Raises $ 58 Million, Morgan Creek, DCG Participated

According to The Block report on December 2, Figure Technologies, a blockchain financial services startup founded by SoFi founder and former CEO Mike Cagney, has raised about $ 59 million in a new round of financing.

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According to a filing with the Securities and Exchange Commission (SEC) last month, San Francisco-based Figure began financing on October 21 with 36 undisclosed investors participating. According to the declaration, the target fundraising amount for this round of financing is $ 103 million, that is, there are still more than $ 44 million of funds to be raised. This round of financing is still underway and is expected to end within one year.

Bloomberg quoted people familiar with the matter as saying Figure plans to raise more than $ 100 million at a $ 1 billion valuation in August.

Founded in January 2018, Figure has raised $ 120 million from well-known investors and is a well-funded startup. This year, the company raised $ 65 million in a second round of financing, led by partners from RPM Venture and Russian venture capital agency DST Global. Morgan Creek, Digital Currency Group, and Ribbit Capital participated. Recently, under the endorsement of Jefferies, a global investment bank, and WSFS, a financial services company, it received up to $ 1 billion in uncommitted credit.

Blockchain loan service

At present, the company provides a home equity loan on the blockchain Provenance. The slogan is that the loan approval takes only "five minutes" and the loan is obtained within five days. Bloomberg reports that Figure has provided approximately 1,500 home equity loans in 36 states in the United States, with loans exceeding $ 1.5 million per day and expected to double every few months.

In addition, Figure provides mortgage refinancing and student loan refinancing services, and plans to launch a "money account" "soon" to integrate savings, spending, and borrowing.

It is reported that all financial services of Figure are fully run at Provenance. Recently, the company said that it will use blockchain technology to improve "security, efficiency and cost advantages" in loan issuance, financing and sales. Carney said that the blockchain platform Provenance "paves the way for the first on-chain securitization, while saving huge costs, reducing risks, and improving liquidity returns."

Carney co-founded Figure with his wife June Ou, who served as the company's chief operating officer. She was previously the chief technology officer of SoFi, but Carney resigned as chief executive over allegations of sexual harassment. Other co-founders of Figure include Alana Ackerson, former CEO of The Tell Foundation, and Cynthia Chen, former venture partner of Danhua Capital.