Morgan Creek Joins $65 Million Series B for Blockchain Home Equity Loan Firm

Blockchain-based home equity loan startup Figure Technologies has raised $65 million in a round backed by Morgan Creek.

AccessTimeIconFeb 28, 2019 at 10:05 a.m. UTC
Updated Sep 13, 2021 at 8:56 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Blockchain-based home equity loan startup Figure Technologies has raised $65 million in a Series B round backed by Morgan Creek.

Announcing the news on Wednesday, Figure said the round was led by venture capital firms RPM Ventures and partners at DST Global, with Ribbit Capital, DCM Ventures, Digital Currency Group, Nimble Ventures and others also participating.

The Series B investment brings the firm’s total equity funding to over $120 million, the firm said, adding that the new investment will go toward helping the firm strengthen its product offerings.

Founded last year, the firm launched its home equity loan product in October, which utilizes its native blockchain protocol called Provenance. The firm claims to provide loan approval in “as little as five minutes" and funding within five days.

Figure co-founder and CEO Mike Cagney said that the round “validates” its market potential, adding:

"We launched the fastest HELOC [home equity line of credit] in the market, and we originate, finance and sell every one of our loans on the Provenance blockchain, an industry first.”

Figure said in its announcement that it turned to blockchain tech for its "security, efficiencies and cost advantage" for loan origination, financing and sales.

A number of funds, banks and dealers are already using Provenance, it added. By mid-2019, Figure expects several other loan originators to use the platform by mid-2019. Other use cases, such as putting investment funds on the blockchain, will also be explored this year.

Figure said it has funded more than 1,500 HELOCs for customers across 36 U.S. states since September.

Edit: This article has been amended to clarify that partners at DST Global were involved in the funding, not the firm itself.

U.S. dollars image via Shutterstock 


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.