FINTECH FIRM FIGURE TECHNOLOGIES RAISES USD 103 MILLION

THE POWER OF BLOCKCHAIN HELPED FIGURE TECHNOLOGIES RAISE USD 103 MILLION IN C SERIES FUNDING 

Former SoFi founder Mike Cagney, once alleged and forced out of the company for sexual inappropriateness later founded  Figure Technologies approx three years back with his wife June Ou, who serves as the company COO.

Figure Technologies, a fintech startup in home equity and blockchain space recently witnessed a hike in its fundings. This San Francisco-based fintech could raise $120M in equity funding back in February this year.

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Several reputed investors, including Ribbit Capital, RPM Ventures, Nimble Ventures, DCM, Morgan Creek, and DCG put their money and trust in this company realizing the potential of technological innovation in finance and investment. Figure technologies announced in May to exceed $1.2 billion of uncommitted asset-powered financing facility on its custom Blockchain from WSFS Institutional Services and Jefferies.    

US Securities and Exchange Commission reported earlier this month that Figure Technologies is about to touch $103M in Series C funding.

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FUNDRAISING MOMENTUM CONTINUED

Figure Technologies is transforming the lending experience for consumers through the power of blockchain technology and creating innovative consumer financial solutions for home improvement, debt consolidation, and retirement. Figure also provides its members with financial education and financial empowerment.

Figure Home Equity Loan Plus, the flagship home loan product offered by Figure is a fixed-rate loan offering online loan approval in minutes and disbursement of funds in five days and combining the best characteristics of traditional home equity loan and a home equity line of credit, HELOC.

Figure allows their consumers to borrow against the equity in their homes with no paperwork and its products also eliminate time-consuming physical property appraisals and inspections and offer world-class customer Figure began offering student loan refinance and mortgage refinance products. The company has originated more than $700 million in loans.

The new financing has been planned to propel Figure Technologies into the $1.4 trillion student loan market and with a face to face competition with SoFi. The figure would use the same process applied to the home equity business for refinancing student debt.

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POWER OF BLOCKCHAIN

A distributed stakeholder blockchain technology Provenance that was launched in 2018 is at the core of Figure's fintech products and operates as a decentralized blockchain today. The company benefits from the security, efficiencies and cost advantages of blockchain for loan origination, financing and sales. There are diverse types of funds, banks and dealers active on Provenance today.

While Figure was the first loan originator on Provenance, Caliber is now using Provenance and onboarding additional originators.

The truth behind Figure technologies' success story remains in the thesis that every stock, bond, currency and commodity would eventually go to be digitalized in future and blockchain will lend its support for all digital currencies including Litecoin, Ethereum and Bitcoin enabling a secure and transparent payment process and eliminating the need of a middleman.

As with blockchain, a "timestamp" gets attached to every transaction, data manipulation becomes almost impossible. It is the blockchain technology that Figure used to empower its customers. 

When mobile apps are developed with blockchain it can increase data privacy and make the apps more safe and secure. And its decentralized architecture will also reduce the risk of third party apps causing interference. Many Mobile app development Services in USA are working on blockchain technology to unleash its benefits in newer ways and areas.

TAKEAWAY

Blockchain helped Figure Technologies to taste a huge success in Fintech business initiative and proved its mettle as one of the most robust and reliable technologies today. The technology is becoming increasingly popular favourably impacting many industries including healthcare, real estate and education and many IT service consultant USA working relentlessly on this technology.

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