Figure Technologies company offering services in the home equity loans area via the blockchain technology has successfully held Series B funding with $65 million investments. Morgan Creek was among the investors that backed the startup.
According to the Figure report released on Wednesday, RPM Ventures, DST Global, Ribbit Capital, DCM Ventures, Digital Currency Group, Nimble Ventures and some others also companies decided to take part in the round along with such big fish as Morgan Creek.
After the Series B, the equity funding of the company exceeded $120 million. It is going to spend the funds to expand its product portfolio.
The company co-founder and CEO Mike Cogney commented:
"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. 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"
Figure reportedly resorted to the use of blockchain owing to its high-level security, performance and advantage it provides in terms of inputs.
The key project of the company called Figure Home Equity Loan Plus is said to represent a loan with fixed rates, while approval for the credit can be granted just in about five minutes with money to come in the next five days after the green light.
Besides, the startup stressed that a wide number of financial industry representatives are using the Provenance protocol. According to Figure expectations, some more loan originators are going to use the platform later in 2019. It will consider investing in blockchain further this year as well.
For reference, Figure Technologies was established in October 2018 its equity loan product is using the Provenance protocol. Figure company claims that since September, it issued above 1,500 home equity lines of credit in the USA.