Funding to Fuel Figure and Provenance’s Explosive Growth

May 20, 2021 10:06 AM Eastern Daylight Time

SAN FRANCISCO--(BUSINESS WIRE)--Figure Technologies, Inc. (Figure™), a leader in transforming financial services through the power of blockchain technology, announced today it is closing a $200 million Series D funding round at a $3.2 billion valuation.

“Provenance, a new set of financial rails that is faster and less expensive than alternative solutions and is on the precipice of becoming adopted by major financial institutions. This poses a significant opportunity to unlock value in many ways and we couldn’t be more thrilled to support the team.”

10T Holdings and Morgan Creek Digital are co-leading the round and joined by new and existing investors including DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global and others.

“The team has accomplished so much in under three years, and this funding is a testament to that work,” said Mike Cagney, Co-Founder and CEO of Figure. “This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent the financial services industry.”

The company also announced that Sachin Jaitly, General Partner at Morgan Creek, and Stan Mironshik, Partner and Co-Founder of 10T, will join the board.

“Morgan Creek Digital is excited to support Figure because they not only built a world class lending business, but they also built a unique blockchain platform with the financial services industry in mind,” Jaitly said. “Provenance, a new set of financial rails that is faster and less expensive than alternative solutions and is on the precipice of becoming adopted by major financial institutions. This poses a significant opportunity to unlock value in many ways and we couldn’t be more thrilled to support the team.”

“10T believes that Figure is building next-generation lending, trading, and settlement infrastructure for the Digital Asset Ecosystem," said Dan Tapiero, General Partner of 10T Holdings. “The speed, transparency, finality, and cost-efficiency of Provenance blockchain will be an improvement to the systems and framework that exist in the traditional financial world. We are thrilled to be able to partner with and invest in one of the premier leadership teams in the space.”

Figure is using Provenance, a public, open source, permissionless, decentralized blockchain, for its digital asset marketplaces including home lending, capital table management, fund management and administration, banking and payments. Learn more at Provenance.io.

About Figure

Figure is transforming the trillion dollar financial services industry using blockchain technology.

In three short years, Figure has unveiled a series of fintech firsts using blockchain for loan origination, equity management, private fund services, banking and payments sectors - bringing speed, efficiency and savings to both consumers and institutions. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at www.figure.com.

Contacts

Tina McNulty
tmcnulty@figure.com

Scott Sutherland
SutherlandGold for Figure
figure@sutherlandgold.com