Figure Technologies
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| Private | |
| ISIN | 🆔 |
| Industry | Financial Technology, Blockchain, Home Equity |
| Founded 📆 | 2018 |
| Founders 👔 | Mike Cagney Jane Ou Alana Ackerson Cynthia Chen Sara Priola |
| Headquarters 🏙️ | , |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | figure.com |
| 📇 Address | |
| 📞 telephone | |
Figure Technologies is an American financial technology company that provides financial services using blockchain technology. The company was founded in 2018 and is headquartered in San Francisco, California.[1]
History[edit]
Figure Technologies was founded in 2018 by Mike Cagney, June Ou, Alana Ackerson, Sara Priola, and Cynthia Chen. Prior to Figure, Cagney cofounded and was the CEO of personal finance company SoFi, while Ou was its Chief Technology Officer.[2] In February 2018, they raised $50 million in an investment round led by Ribbit Capital and DCM Ventures. In October 2018, Figure launched its first digitally-processed home equity loan.[3] By February 2019, the company had approved over 1,500 home equity loans and was lending more than $1.5 million per day.[4]
By 2020 Figure had raised over $225 million in total funding, with a valuation of $1.2 billion[5] and had approximately 250 employees with operations centers in Charlotte and Reno.[6] That year the company began advertising nationally with a mascot named Blockchain in an effort to educate the public on blockchain capabilities.[7]
In May 2021, Figure raised an additional $200 million, valuing the company at $3.2 billion.[8] Also that month, Figure received approval from the SEC to bundle its loans into securities and sell them to investors via its blockchain platform.[9]
In July 2021, the company announced a partnership with Apollo Global Management to apply Figure's blockchain to fund listing, asset securitization and digital marketplaces.[10] In 2022, Figure and Apollo completed the first origination of a digital mortgage loan and transfer of ownership via blockchain technology.[11]
In August 2021, the company agreed to merge with mortgage lender Homebridge Financial Services.[12] In December 2021, the company launched Figure Equity Solutions, an equity management platform that allows private companies to raise, manage, and trade equity on a single platform.[13]
In January 2022, Figure and its partners formed the USDF Consortium, a group of FDIC-insured banks that will mint and utilize a stablecoin backed by dollar deposits. The coin, USDForward, will be deployed and recorded on Figure’s Provenance Blockchain.[14] Before launching, Figure met with U.S. regulators, including senior officials of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp., to determine how to mint stablecoins that will satisfy possible future regulation.[15]
In August 2022, mortgage companies Guaranteed Rate, Homebridge and Synergy One partnered with Figure to use Figure's HELOC technology, which provides an entirely digital application and approval process for a home equity line of credit.[16]
Blockchain[edit]
All of the company’s business is carried out on its blockchain, Provenance. The native token Hash is exchanged at various stages of the process of creating and packaging loans for sale, and to memorialize off-chain exchange of fiat currency.[2] The Provenance blockchain is also used to record transactions of USDForward, a stablecoin that references fiat currency and is minted by one of a group of FDIC-insured banks, collectively known as the USDF Consortium.[15]
References[edit]
- ↑ Selina Wang, "SoFi's Former CEO Harnesses the Blockchain for Home Loan Startup," Bloomberg News, April 30, 2018.
- ↑ 2.0 2.1 Connie Loizos, "SoFi founder Mike Cagney’s already well-funded new startup is raising another $100 million," TechCrunch, December 1, 2019.
- ↑ Anna Irrera, "Ex-SoFi CEO Cagney's startup debuts digital home equity loans," Reuters, October 9, 2018.
- ↑ Digital lender founded by ex-SoFi CEO raises $65M to fuel expansion, American Banker, February 27, 2019, retrieved November 3, 2021CS1 maint: Date and year (link)
- ↑ Loizos, Connie (December 4, 2020), Mike Cagney is right now testing the boundaries of the US banking system, TechCrunch, retrieved November 3, 2021CS1 maint: Date and year (link)
- ↑ Hudson, Caroline (July 13, 2020), Fintech company Figure taps former mortgage exec in Charlotte to lead expansion here, Charlotte Business Journal, retrieved November 3, 2021CS1 maint: Date and year (link)
- ↑ Irrera, Anna (February 11, 2020). "Lending startup Figure launches U.S. ads that aim to make blockchain mainstream". Reuters. Retrieved May 3, 2022.
- ↑ Katherine Chiglinsky and Jennifer Surane, "Cagney’s Figure Valued at $3.2 Billion in Latest Funding Round," Bloomberg News, May 20, 2021.
- ↑ Penny Crosman, "Figure wins SEC approval to sell securities on its blockchain," American Banker, May 12, 2021.
- ↑ Krebs, Eric; Tempkin, Adam (July 14, 2021). "Apollo Joins Forces With Blockchain Startup Figure". Bloomberg News. Retrieved October 19, 2022. Unknown parameter
|url-status=ignored (help) - ↑ Burns, Joe (March 17, 2022). "Figure and Apollo complete ownership transfer via blockchain". HousingWire. Retrieved October 19, 2022. Unknown parameter
|url-status=ignored (help) - ↑ Katherine Chiglinsky, "Cagney’s Figure Agrees to Merge with Lender Homebridge," Bloomberg News, August 3, 2021.
- ↑ Chiglinsky, Katherine (December 8, 2021). "Blockchain-Based Startup Figure Creates Platform for Raising Equity". Bloomberg News. Retrieved October 19, 2022. Unknown parameter
|url-status=ignored (help) - ↑ Crosman, Penny (January 12, 2022). "Banks form consortium to mint USDF stablecoins". American Banker. Retrieved January 20, 2022.
- ↑ 15.0 15.1 Hamilton, Jesse (November 22, 2021). "Stablecoin Advocates Make Their Case to U.S. Banking Regulators". Bloomberg. Retrieved January 20, 2022.
- ↑ Mendoza, Candyd (August 1, 2021). "Figure signs HELOC partnership deal with three mortgage lenders". Mortgage Professional America. Retrieved October 19, 2022. Unknown parameter
|url-status=ignored (help)
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