Figure, a San Francisco-based fintech company leveraging Blockchain, Artificial Intelligence, and analytics to deliver innovative home equity release solutions, has announced that it gets a sum of total USD65 million. Founded by founder and former CEO of San Francisco, California-based SoFi Mike Cagney, the home equity loan platform raised the funds from DST Global, Morgan Greek, Ribbit Capital and Nimble Ventures. With this financing round, Figure has jumped up to a total valuation of USD120 million.
The fintech firm has reportedly issued more than 1,500 equity lines, is mainly targeting older clients who are cash light and well off in equity (CLAREs). Currently, the company is lending USD 1.5 million every day that Cagney expects to double every few months. Recently, his company SoFi where he worked as former CEO, teamed up with US-based Crypto exchange Coinbase to initiate crypto trading support. With this partnership, Coinbase will supposedly enable SoFi to release crypto services throughout the second quarter of this year. Its CEO Anthony Noto said in a statement that his company’s target audience seeks to see the price of Cryptocurrency and to purchase it as well. He further expressed that SoFi grew so fast that is the biggest takeaways for the company.
As part of the funding round, Cagney, in a statement, said that Figure to look like a robust financial platform, at end of this year, which can meet the requirements of its customers. He further noted that the company is shifting into other fields including wealth management, checking accounts, and unsecured consumer loans.