US-based online lending platform Figure Technologies confirmed yesterday it has completed a $103m series C round that included MUFG Innovation Partners, an investment vehicle for financial services firm Mistubishi UFJ Financial Group.
The round was led by investment manager Morgan Creek Capital Management’s Morgan Creek Digital unit and included new and existing investors according to Figure. The deal valued it at $1.2bn post-money.
Figure’s platform processes and issue loans for home equity, mortgage and student loan refinancing, utilising a distributed stakeholder blockchain called Provenance that has been spun off into its own entity. It has originated more than $700m in loans and intends to add more lending products in future.
Mike Cagney, Figure’s co-founder and chief executive, said: “The team at Figure has accomplished so much in under two years, and this funding is a testament to that work.
“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.”
Morgan Creek Digital co-founder and partner Anthony Pompliano is joining Figure’s board of directors in connection with the round, which the company said increased its overall funding to $225m.
Ribbit Capital and DCM led Figure’s $50m series A round in May 2018 and returned for a $65m series B in February 2019 that was co-led by RPM Ventures and DST Global and backed by Morgan Creek, DCG, Nimble Ventures and, reportedly, online lender CreditEase Fintech Investment Fund.
