Company:Figure Technologies
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| Type | Private |
|---|---|
| Industry | Financial Technology, Blockchain, Home Equity |
| Founded | 2018 |
| Founders | Mike Cagney June Ou Alana Ackerson Cynthia Chen Sara Priola |
| Headquarters | |
| Website | figure.com |
Figure Technologies is an American financial technology company that provides financial services using blockchain technology. The company offers equity, mortgage refinance, student and personal loans, all of which are executed on its blockchain, Provenance, which is accessed through its native token, Hash.[1] The company was founded in 2018 and is headquartered in San Francisco, California.[2]
History
Figure Technologies was founded in 2018 by Mike Cagney, June Ou, Alana Ackerson, Sara Priola, and Cynthia Chen. Prior to Figure, Cagney had cofounded and was the CEO of personal finance company SoFi, while Ou was its Chief Technology Officer.[1] February 2018, they raised $50 million in an investment round led by Ribbit Capital and DCM Ventures.[3] Through blockchain, Figure aims to reduce the need for auditors, lawyers, underwriters, custodians and trustees when creating and packaging loans for sale.[2] In October 2018, Figure launched its first digitally-processed home equity loan, which could be approved within five minutes and funded within five days.[3] By February 2019, the company had approved over 1,500 home equity loans and was lending more than $1.5 million per day.[4] By March 2020 the company had raised over $225 million in total funding, with a valuation of $1.2 billion.[5]
Blockchain
All of the company’s business is carried out on its blockchain, Provenance. The native token Hash is exchanged at various stages of the process of creating and packaging loans for sale, and to memorialize off-chain exchange of fiat currency.[1] The use of blockchain technology allows for cost savings and security.[2] Figure also offers a software as a service (SaaS) to lenders by which they can access a loan origination system via Provenance for home equity, student loan refinancing, unsecured consumer loans, and first-lien mortgages.[6]
References
- ↑ 1.0 1.1 1.2 Connie Loizos, "SoFi founder Mike Cagney’s already well-funded new startup is raising another $100 million," TechCrunch, December 1, 2019.
- ↑ 2.0 2.1 2.2 Selina Wang, "SoFi's Former CEO Harnesses the Blockchain for Home Loan Startup," Bloomberg News, April 30, 2018.
- ↑ 3.0 3.1 Anna Irrera, "Ex-SoFi CEO Cagney's startup debuts digital home equity loans," Reuters, October 9, 2018.
- ↑ "Digital lender founded by ex-SoFi CEO raises $65M to fuel expansion," American Banker, February 27, 2019.
- ↑ Connie Loizos, "Mike Cagney is right now testing the boundaries of the US banking system," TechCrunch, December 4, 2020.
- ↑ Mendoza, Candyd (24 July 2020). "Home Point Financial offers digital HELOC products via Figure's platform". https://www.mpamag.com/news/home-point-financial-offers-digital-heloc-products-via-figures-platform-228754.aspx.
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