Figure Technologies, Inc., a San Francisco, CA-based fintech company in both the home equity and blockchain space, raised $65m in series B equity funding.
The round, which brought total equity funding to date to more than $120m, was led by RPM Ventures and partners at DST Global, with participation from investors Ribbit Capital, DCM, DCG, Nimble Ventures, Morgan Creek and others.
The company intends to use the funds to bolster its product offering and continue to support growth.
Led by Mike Cagney, co-founder and CEO, and Alana Ackerson, co-founder and chief people officer, Cynthia Chen, June Ou and Sara Priola, Figure provides Figure Home Equity Loan Plus, a fixed-rate loan that provides approval in five minutes and funding in five days — all online. It allows consumers to borrow against the equity in their homes without the paperwork-intensive, 45-day process traditional lenders require. Since September 2018, the company has funded more than 1,500 loans across 36 states.
The company built and deployed Provenance, a distributed stakeholder blockchain, in 2018 for loan origination, financing and sales. It has a diverse set of funds, banks and dealers active on Provenance today.
While Figure was the first loan originator on Provenance, several other originators plan to use the platform by mid-2019. Additional use cases, such as investment funds on chain, are also planned for this year.
The company has more than 100 employees in offices in California, Nevada and Montana.