JPMorgan Provides $100M Financing Facility for Blockchain Mortgage Platform Figure

The facility covers both conforming and jumbo mortgages – loans in excess of the traditional lending restrictions.

Jan 15, 2021 at 11:40 a.m. UTC
Updated Sep 14, 2021 at 10:57 a.m. UTC

Blockchain mortgage platform Figure says it has closed a $100 million financing facility for its mortgage products from investment bank JPMorgan.

  • Platform owner Figure Technologies said Wednesday this is the fifth financing facility for its online lending business, which has now closed almost $1.5 billion in total. 
  • Funding partners now include JPMorgan, Jefferies and a number of other Wall Street banks, said the blockchain company.
  • The facility covers both conforming and jumbo mortgages – loans in excess of the traditional lending restrictions.
  • “This facility with JPMorgan will help us continue to innovate in the lending space,” said Mike Cagney, CEO of Figure, in a statement.
  • Figure Technologies reported its mortgage business grew nearly 50% month over month in the fourth quarter of 2020.
  • The firm uses blockchain tech to issue mortgages and loans at greater speed and reduced cost by automating parts of the process.
  • CoinDesk reached out to JPMorgan for comment but did not immediately receive a response.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
First Mover Asia: USDC Hasn’t ‘Flippened’ USDT, but Trader Preferences Are Changing; Cryptos Rise Despite Bearishness

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

2
Musk Sets New Condition for Twitter, Citi Says Terra’s Fallout Unlikely to Hit Wider Financial System

The most valuable crypto stories for Tuesday, May 17, 2022.

The most valuable crypto stories for Tuesday, May 17, 2022.

3
Market Wrap: Cryptos and Stocks Mixed Amid Bearish Sentiment

BTC is stabilizing around $30K while stock market volatility begins to fade.

BTC is stabilizing around $30K while stock market volatility begins to fade.

4
New Data Shows Underground Bitcoin Mining Thriving in China

The U.S. has also expanded its lead in the global hashrate competition.

The U.S. has also expanded its lead in the global hashrate competition.