Figure Technologies

Founded in 2018, the American company Figure Technologies, which specializes in financial technologies and offers customers financial services using blockchain technology.

History

2021: Raising $200 million, estimated at $3.2 billion

At the end of May 2021, the financial company Figure Technologies, founded by SoFi founder Mike Cagney, announced the raising of $200 million in Series D financing. According to the results of the round, the company's valuation grew to $3.2 billion.

The financial round was led by 10T Holdings and Morgan Creek Digital, among other participants - DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, DST Global partners and others. 10T and Morgan Creek hold board seats.

Figure Technologies raised $200 million and was valued at $3.2 billion

Figure is involved in many types of activities in the blockchain sector, in each case the company uses the Proverance blockchain it created. Initially, the company focused on the HELOC sphere, but then began to provide services related to capital management, fund management and administration, banking and payments. The purpose of the Figure Pay service is to provide loans at points of sale to persons who do not have access to banking services or persons not fully covered by banking services.

Morgan Creek Digital is pleased to support Figure because they not only built a world-class credit business, but also created a unique blockchain platform taking into account the needs of the financial services industry, "said Sachin Jaitley, general partner of Morgan Creek. - The new Proverance solution is faster and cheaper than alternative offers, it is about to be made by large financial institutions.

Initially, the company introduced Proverance as a private blockchain intended for financial institutions. However, in mid-May 2021, the company restarted the product, making it a public open-source blockchain based on Cosmos technology.^[1]

Notes