Today San Francisco-based
Figure Technologies announced a $65 million Series B funding round. Figure has received $120 million to date. RPM Ventures and “partners at” DST Global led the round. Other investors include Ribbit Capital, DCM, DCG, Nimble Ventures, Morgan Creek.
“We are encouraged by what we’ve accomplished in our first year, and this investment validates Figure’s market potential,” said Mike Cagney, co-founder and CEO at Figure. “We launched the fastest HELOC [home equity line of credit] in the market, and we originate, finance and sell every one of our loans on the Provenance blockchain, an industry first.”
By fastest Cagney is referring to the turnaround time. Approval can be as little as five minutes with funds in five days. The startup’s flagship product enables homeowners to borrow online against their home’s equity. Since September 2018 the company has advanced 1,500 home equity loans.
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