Figure Technologies raises USD 103 Million in Series C Funding Round

By StartUp City | Tuesday, December 10, 2019

The blockchain technology-based company has been a market leader in transforming the lending experience by leveraging blockchain technology. Their flagship product, Figure Home Equity Line, is a fixed-rate line of credit that provides approval in as little as five minutes and funding in five days, all online

Fremont, CA: Figure Technologies Inc. raised USD 103 million in a Series C funding round led by Morgan Creek Digital. MUFG Innovation Partners Co. Ltd and other existing and new investors also participated in the funding round. The new funding takes the company's total raised capital to over USD 225 million at a valuation of USD 1.5 billion. Anthony Pompliano, co-founder and Partner at Morgan Creek Digital, will join the board of Figure Technologies Inc.

"The team at Figure has accomplished so much in under two years, and this funding is a testament to that work," said Mike Cagney, Co-Founder, and CEO of Figure. "This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent lending, borrowing and investing for consumers and the financial industry, both in the U.S. and abroad."

The blockchain technology-based company has been a market leader in transforming the lending experience by leveraging blockchain technology. Their flagship product, Figure Home Equity Line, is a fixed-rate line of credit that provides approval in as little as five minutes and funding in five days, all online. The company also allows consumers to borrow against the equity in their homes without the paperwork-intensive, 45-day process traditional lenders require.

“One of our core investment theses is that every stock, bond, currency, and commodity will eventually be digitized. Figure is leading that transition from the front and is bringing radical change to finance and lending markets. Leveraging blockchain technology to drive speed, efficiency, and cost savings to lending, Figure is focused on driving out waste and dead time inherent to the lending process,” said Anthony Pompliano, co-founder and Partner at Morgan Creek Digital. "It is not often that you get the opportunity to partner with an entrepreneur like Mike Cagney and a world-class team like Figure. We are excited to have a front-row seat to the transformation of finance."

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