Blockchain finance firm raises $103m in Series C round

by Candyd Mendoza09 Dec 2019

Figure Technologies, a blockchain-powered consumer finance company, has announced closing a $103 million Series C funding round.

The new capital brings the firm’s total funding to over $225 million and drives its valuation to $1.2 billion. Figure co-founder and CEO Mike Cagney said that the investment would support its plans to enhance its blockchain technology.

Through its distributed stakeholder blockchain, Figure started offering mortgage and student loan refinance products earlier this year. The company has originated over $700 million in loans.

“The team at Figure has accomplished so much in under two years, and this funding is a testament to that work,” said Cagney. “This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent lending, borrowing and investing for consumers and the financial industry, both in the US and abroad.”

Figure also announced the addition of Anthony Pompliano, co-founder and partner at Morgan Creek Digital, to its board. Additionally, the company brought in new hires to accelerate growth, including C.D. Davies as head of lending, Tony Morosini as vice president of banking and payments, and Tina McNulty as chief communications officer.

“One of our core investment theses is that every stock, bond, currency, and commodity will eventually be digitized,” Pompliano said. “Figure is leading that transition from the front and is bringing radical change to finance and lending markets. Leveraging blockchain technology to drive speed, efficiency, and cost savings to lending, Figure is focused on driving out waste and dead time inherent to the lending process.”

Morgan Creek Digital led the funding round with participation from both new and existing investors such as DCM, Digital Currency Group, HCM Capital, MUFG Innovation Partners, Ribbit Capital, RPM Ventures, The partners at DST Global and others.