Figure Technologies, Inc., a San Francisco, CA-based blockchain technology consumer lending company, closed a $103m Series C funding round.
The round – which brought total funding raised to date to more than $225m and the valuation to $1.2 billion – was led by Morgan Creek Digital joined by MUFG Innovation Partners Co., Ltd. Investors in the company also include DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, The Partners at DST Global and others.
Anthony Pompliano, co-founder and Partner at Morgan Creek Digital, will join the board.
Founded by serial technology entrepreneur Mike Cagney, CEO, and also led by C.D. Davies, Head of Lending, Tony Morosini, Vice President of Banking and Payments, and Tina McNulty, Chief Communications Officer., Figure Technologies provides a blockchain technology consumer lending platform which take loans from application to funding quickly. The company’s flagship product is Figure Home Equity Line, a fixed-rate line of credit that provides funding in five days — online. It allows consumers to borrow against the equity in their homes.
Earlier this year, the company began offering student loan refinance and mortgage refinance products.
It now plans to continuously expand its portfolio of loan products.
Figure processes all of its loans through Provenance, the company’s proprietary blockchain platform that will soon also process loans for leading financial companies around the world. So far, the company has originated over $700 million in loans.