FinTech: Mike Cagney-Led Figure Tech To Offer Banking-As-A-Service Via New Subsidiary

September 8, 2022 | FinTech, News
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Figure Tech is a blockchain-based banking pioneer.

Figure Tech, which is led by CEO and co-founder Mike Cagney, announced it will offer Banking As A Service (BaaS) through Figure Payments Corp, a subsidiary to be known as Figure Pay. Figure Pay, a scalable and rapidly deployable API-driven platform, offers two alternatives – one focused on fintech, non-banks, and retailers, and the other for banks. (CISION PRNEWSWIRE)

Fintechs, non-bank lenders, and retailers

Fintechs and nonbank lenders can engage with Figure Pay to embed banking and payments solutions into their consumer and business products; retailers may leverage their mobile investment to embed real-time payment solutions at a fraction of the cost of traditional payment rails.

The comprehensive includes the BaaS core system, Visa issuer processing, regulatory cover through Figure Pay, and a complete back office including staff, if required.

Banks

The solution for banks promises a reduction in costs with lower transaction fees and real-time settlement via blockchain payment rails for both consumer and merchant customers.

The Figure technology is built on the Provenance blockchain.

“Retailers and fintechs have been searching for cost-effective solutions to bring the financial services ecosystem into the modern world,” said Mike Cagney, CEO and co-founder of Figure Technologies, Inc. “Ultimately, as blockchain is further adopted in the financial services industry, consumers will see benefits of this modern solution. “Our team’s combined years of experience in the industry have culminated in a business and products ready to address these needs.”

Related Story: Blockchain Fintech Figure Tech Scores $200M Round

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