Digital Assets: Mike Cagney’s Figure Technologies Files For $250M SPAC

February 12, 2021 | Digital Assets, News, Venture Capital

The Special Purpose Acquisition Company (SPAC) is named Figure Acquisition Corp I.

Executives of Figures Technologies, the mortgage blockchain startup launched by ex-SoFi CEO Mike Cagney, have filed for a SPAC that will raise $250 million. Figure Acquisition Corp I, as it is called, is an affiliate of Figure Technologies and has real estate specialist Elliot Management on board as an investor. (Ledger Insights)

Figure Acquisition Corp I (FAC)

FAC is helmed by Mike Cagney who is Chairman. Asiff Hirji is President. They are CEO and President, respectively at Figure Technologies.

According to Ledger Insights, the SPAC vehicle could ultimately merge with a target firm such that the acquisition would also bolster activity on the Provenance blockchain. Provenance is the creation of Figure Technologies, and the SPAC filing specifies that a target company should be amenable to “value enhancement from Figure Technology” including its proprietary technology.

The prospectus claimed Figure had the “capacity to leverage a proven and scaled blockchain platform which drives operational, technological and marketing improvements to maximize the growth potential of businesses.”

Targets should also be companies “that have compelling growth potential.”

The filing said Figure had not yet selected any business combination target nor initiated any “substantive discussions” with any company.

Figure Technologies

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

Launched in 2018, it has already raised $220 million from various investors. These include Ribbit Management, DST Capital, RPM Ventures, Nimble Ventures, and Morgan Creek.

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.

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 at 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.

Related Story:   Blockchain-Based Financial Services Provider Figure Tech Eyes Banking Charter

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