Blockchain lending firm Figure Technologies announced that it has closed a $103 million series C funding round led by Morgan Creek Digital.
MUFG Innovation Partners Co., as well as other new and existing investors, also participated in the round, which brings Figure’s total amount raised to more than $225 million and its valuation to $1.2 billion.
“The team at Figure has accomplished so much in under two years, and this funding is a testament to that work,” Mike Cagney, co-founder and CEO of Figure, said in an emailed press release. “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 company has also recently added new hires, including C.D. Davies as head of Lending, Tony Morosini as vice president of Banking and Payments, and Tina McNulty as chief communications officer. And as part of this latest funding round, Anthony Pompliano, co-founder and partner at Morgan Creek Digital, will join Figure’s board.
“One of our core investment theses is that every stock, bond, currency and commodity will eventually be digitized,” said Pompliano. “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. 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.”
The company’s flagship product, Figure Home Equity Line, is a fixed-rate line of credit that enables consumers to gain approval in as little as five minutes and funding in five days. Earlier this year, Figure also began offering student loan refinance and mortgage refinance products. The company has so far originated over $700 million in loans.
Figure is working to transform the lending process through Provenance, a decentralized blockchain that Figure uses for loan origination, financing and sales.