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Figure Technologies, a San Francisco, CA-based fintech company that provides innovative consumer financial solutions for home improvement, debt consolidation, and retirement, has raised $65 million in series B equity funding. This has brought the company’s total equity funding to more than $120 million with the start of its second year of operations. The latest funding, which was led by RPM Ventures and partners at DST Global, with participation from investors like Ribbit Capital, DCM, DCG, Nimble Ventures, and Morgan Creek, is expected to fuel continued lending and blockchain growth for Figure Technologies.
Figure Technology offers Figure Home Equity Loan Plus, which is the company’s flagship product that provides an online method of fixed-rate loan with approval in a very short span of time, and funding within five business days. The product also combines the best features of a traditional home equity loan and the home equity line of credit (HELOC). This allows consumers to borrow against the equity in their homes without going through the traditional processes of paperwork-intensive and time-consuming processes.
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Figure Technology has also designed and deployed a distributed stakeholder blockchain called Provenance, which is a platform for loan origination. The product helps the users in loan origination, financing and sales, and has a diverse set of funds with the security, traceability, transparency, and cost effectiveness of blockchain technology. Many banks, dealers, and other loan originators are planning to use the platform to add efficiency to their platform. The company has introduced Figure Home Advantage (FHA) to eliminate the retirement crisis that most of the Americans are facing today. The FHA is a transparent and straightforward alternative to reverse mortgages, which allows the users to sell their homes, get cash up front, and stay in the place as renters for as long as they wish. The company handles all the tax and insurance related issues. Figure Technologies plans to expand it's business across Texas, Illinois, and Nevada now, with eyes on a national rollout at the end of this year.
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