A new Lending unicorn powered by Blockchain — Figure Technologies

Figure is a Blockchain 4 Finance unicorn cofounded by Mike Cagney, the founder and ex-CEO of Sofi, and his wife June Ou (ex- CTO at Sofi).

It is a 2year old well-funded San Francisco-based startup focused on changing the entire lifecycle of Loans and beyond. From loan origination to servicing, and securitization. They started servicing the needs of homeowners who have most of their wealth locked in their homes with the so-called HELOCs (Home Equity Line Credit).

Crunchbase reports an eye-popping total funding amount of $1.2billion.

This includes a credit facility of $1billion from investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank. This financing facility (May 2019) is custodied and serviced on the in-house Blockchain that Figure Technologies has developed, called Provenance Blockchain.

In the summer of 2019, Figure Technologies launched its $20 million Reg D security token offering, the HASH token, also using the Provenance Blockchain. Figure Technologies is eating its own dogfood.

Figure Technologies presents a huge global opportunity in private markets. They estimate savings (for the market segments) via their Provenance blockchain for non-securitized loans or corporate bonds is in the order of $100…