FinTech: Blockchain Fintech Figure Tech Scores $200M Round

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The round valued Figure Technologies at $3.2 billion.

Figure Technologies, a blockchain-based fintech startup, closed a $200 million Series D round at a valuation of $3.2 billion. The round was co-led by 10T Holdings and Morgan Creek Digital. New and existing investors including DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global, and others also participated. (CROWDFUND INSIDER)

Provenance blockchain

The company’s Provenance blockchain is the rails for several Figure’s applications. These include home lending, capital table management, fund management and administration, banking, and payments.

Earlier this week, the prior permissioned Provenance blockchain launched in 2018 was replaced by a new public, open-source, permissionless, decentralized, proof-of-stake blockchain, which is designed and developed to support financial service industry needs by providing a ledger, registry, and exchange across multiple financial assets and markets.

“This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent the financial services industry,” said Mike Cagney, Co-Founder and CEO of Figure.

Home loans

Figure Technologies disburses mortgages and loans, using its Provenance blockchain to automate portions of the process.

The fintech says its use of blockchain technology has slashed the time taken in home loan origination. It has also cut origination, financing, servicing, and capital markets execution costs through the use of the blockchain.

Alternative Trading System

Last week, its subsidiary, Figure Securities, Inc. has become a FINRA-approved broker-dealer and an SEC-registered Alternative Trading System (ATS) for digital securities custody on Provenance Blockchain.

Bank charter

In November, Figure applied for a national bank charter from the Office of the Controller of the Currency (OCC). As a chartered bank, it will reduce its regulatory burden in numerous states across the country. It would as well as be able to expand its product offerings for customers.

In particular, the bank would launch an app to bring financial services to the unbanked.

In connection with the latest funding, Dan Tapiero, General Partner of 10T Holdings, said: “10T believes that Figure is building next-generation lending, trading, and settlement infrastructure for the Digital Asset Ecosystem. The speed, transparency, finality, and cost-efficiency of Provenance blockchain will be an improvement to the systems and framework that exist in the traditional financial world. We are thrilled to be able to partner with and invest in one of the premier leadership teams in the space.”

Related Story:  Mike Cagney’s Figure Technologies Files For $250M SPAC

Image credit: Glassdoor/Figure Tech                                                   

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