Figure Raises $200M, Valuing Blockchain Mortgage Firm at $3.2B
The investment was led by 10T Holdings and Morgan Creek Capital Management and included contributions from new and existing investors.
May 20, 2021 at 2:44 p.m. UTCUpdated May 9, 2023 at 3:19 a.m. UTC
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Figure Technologies CEO Mike Cagney
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Blockchain lending startup Figure Technologies has raised $200 million in a Series D funding round that values the company at $3.2 billion, the firm said.
- The investment was led by 10T Holdings and Morgan Creek Capital Management and included contributions from new and existing investors such as Digital Capital Management, DST Global and Digital Currency Group (DCG), which is CoinDesk's parent company.
- In addition to the funding round, Morgan Creek general partner Sachin Jaitly and 10T co-founder Stan Miroshnik will join Figure's board, according to an emailed announcement Thursday.
- Figure uses its own blockchain, Provenance, as its marketplace for loans and mortgages, capital table management, fund management, banking and payments.
- The company had aimed to raise $250 million, according to a regulatory filing with the U.S. Securities and Exchanges Commission (SEC) in February.
- It's also applied for a U.S. banking charter that is still pending.
- During a congressional hearing on Wednesday, Michael Hsu, acting head of the Office of the Comptroller of the Currency, said he has had "preliminary discussions" about the pending charter, but it remains under review.
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