Homebridge Financial Services is one of the largest privately held, non-bank lenders in the US.

Mike Cagney-led Figure Technologies announced Tuesday (3 August 2021), its merger deal with Homebridge Financial Services, a mortgage lender which funded more than $25 billion in home loans at the close of 2020. Figure Technologies is on a mission to transform financial services using blockchain technology, particularly the origination, finance, servicing and trade of loans. (BusinessWire)

Blockchain technology to service 150,000 customers

“We are bringing together the most robust, powerful and efficient technology ever seen in lending and pairing that with a $25 billion a year loan originator with 150,000 customers who we can introduce to new payment and lending products,” said Mike Cagney, co-founder and CEO of Figure. “We’re going to deliver to this all-star loan origination team at Homebridge a tech platform on Provenance Blockchain that is going to double their capacity for fulfilling loans.”

Homeridge Financial Services operates over 180 retail branches and more than 2,500 associates.

“To combine the technology expertise and consumer experience of Figure with our exceptional retail loan origination and wholesale teams throughout the country is going to be a revolutionary event in the history of the U.S. mortgage industry. This is going to deliver real benefits and efficiencies for our customers and accounts,” said Peter Norden, CEO of Homebridge. “The Homebridge team is gaining a tech platform partner that will help us maximize our customer experience and set us apart from the competition.”

Figure funding and charter

Last week, Figure Technologies raised a $200 million Series D round that valued the company at $ 3.2 billion. Investors participating included Apollo Global Management, Inc., Blockchain.com, Rockaway Blockchain, HOF Capital, Endeavour Capital, National Bank Holdings, Goldentree Asset Management and L1 Digital.

In November, the company applied for a national bank charter from the Office of the Controller of the Currency (OCC). It is utilizing a new national bank charter model that would accept only uninsured deposits.

In January, the Conference of State Bank Supervisors filed a lawsuit in D.C. federal district court to block the OCC from granting a national bank charter to Figure.

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