Figure is a blockchain mortgage platform that uses automation to issue mortgages and loans faster and at reduced cost. Its platform covers both conforming and jumbo mortgages. Figure reported its mortgage business grew nearly 50% month over month in the fourth quarter of 2020. The company has closed multiple financing facilities for its online lending business, totaling almost $1.5 billion. It recently secured a $100 million financing facility from JPMorgan, its fifth such facility. CEO Mike Cagney said the JPMorgan facility will help the company continue to innovate in the lending space. Figure builds consumer lending products powered by its Provenance blockchain protocol, using blockchain, AI, and advanced analytics to speed and simplify loan origination, custody, trading and securitization. Its flagship product, Figure Home Equity Line, is a fixed-rate line of credit that can approve applicants in as little as five minutes and fund in five days. Earlier in the year the company began offering student loan refinance and mortgage refinance products, and it has originated over $700 million in loans to date. Figure says it is expanding its lending products and making executive hires to support growth. The company also continues to onboard other originators onto Provenance, which operates as a decentralized blockchain spun out from Figure. Figure was founded in 2018 and is based in San Francisco, California. Figure uses blockchain technology to provide home equity loans online in as little as five days. The company has provided more than 1,500 home equity lines and employs about 100 people. It is moving to diversify into wealth management, unsecured consumer loans and checking accounts, the latter offered for now in partnership with an existing bank. Figure is targeting older homeowners whose wealth is tied up in their homes rather than the younger, high‑earning demographic pursued by SoFi. The company was co‑founded by Mike Cagney with June Ou as chief operating officer. Financially, Figure has raised $120 million to date, including a recent $65 million round. Figure was formed earlier this year by Mike Cagney to build lending products that leverage blockchain to cut loan-approval times from days to minutes. The company plans to offer home equity lines of credit, home improvement loans and a home buy-lease back product aimed at retirement. Figure has raised $50 million to grow the business. The financing and hiring push has supported a team of about 56 people assembled quietly to date. Notable hires include Cynthia Chen, formerly chief risk officer at LendingHome, and Sara Priola, formerly chief legal counsel at PeerStreet. Figure is a lending startup that plans to launch an AI tool powered by GPT-4 to help catch errors in lending documents. The article reports the company recently closed a $130 million financing round, per an SEC filing. That financing brings Figure's total funding to $327 million. The TechCrunch piece does not specify the type of instrument used in the round or the participating investors. Beyond the AI tool announcement and the SEC filing, the article includes no other operational metrics.

Total raised

$448M

Funding rounds

5

Latest round

Debt Financing

Latest activity

Jan 2021