Blockchain Home Equity Loan Platform Figure Technologies Raises $65M In Series B

Home equity and blockchain firm Figure Technologies has raised $65 million in its Series B funding round led by RPM Ventures and partners at DST Global. The round, which brings the firm’s total equity funding to more than $120 million, also saw participation from investors Ribbit Capital, DCM, DCG, Nimble Ventures, Morgan Creek and others.

Based in San Francisco, Figure creates innovative consumer financial solutions for home improvement, debt consolidation and retirement while providing its members with financial education and financial empowerment. Its flagship product, the Figure Home Equity Loan Plus, uses Provenance, the blockchain protocol Figure created. Since September 2018, Figure has funded more than 1,500 HELOCs for members across 36 states.

Figure said that the latest financing will help the firm bolster its product offering and continue to support growth.

“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 in the market, and we originate, finance and sell every one of our loans on the Provenance blockchain, an industry first. From the diversity of our founding team to our alignment with our members’ financial success, we believe we’re building a different — and better — kind of technology company.”

The Provenance blockchain leverages the security, efficiencies and cost advantage of blockchain for loan origination, financing and sales and currently has a diverse set of funds, banks and dealers. Figure is planning to add additional use cases this year, including investment funds on chain.

In addition to Home Equity Loan Plus, which allows consumers to borrow against the equity in their homes without the paperwork-intensive, 45-day process, the firm also introduced Figure Home Advantage (FHA), a more transparent and straightforward alternative to reverse mortgages. FHA will initially be launched in Texas, Illinois and Nevada, with plans for a national roll-out midyear.

“Figure is empowering a more financially secure future for its customers with technology that seamlessly taps into the wealth they already have,” said Alana Ackerson, co-founder and chief people officer at Figure. “This spirit extends to our company culture, where our values nurture a company with transparency and purpose at its core and, by extension, informs how we build and innovate.”