Figure Technologies has applied to the Office of the Controller of the Currency (OCC) for a national banking charter. The blockchain lending company has raised more than $233 million in equity funding and offers retail loans, especially home equity and mortgage refinancing. But the license is also likely for Figure Pay.
“Figure is pursuing the charter to reduce the complexity of our business – we’ll have over 200 state licenses next year without such a charter,” said Mike Cagney, co-founder and CEO of Figure. “By reducing complexity, we can leverage the technology efficiencies we have to deliver financial solutions to traditionally underserved and underrepresented consumers, driving real financial inclusion.”
Figure Bank will be headed by C.D. Davies, who spent almost five years at Citi as CEO of Citi Mortgage. He joined Figure just over a year ago.
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