Figure, a blockchain equity loan platform, has clinched a USD1 billion financing facility through Blockchain. The Figure’s blockchain platform Provenance.io reveals that the new facility was closed along with major global investment banking firm Jefferies and multi-billion dollar financial services company WSFS Financial Corporation. Figure has been working with both companies for in excess of six months to implement the recent financing facility. Additionally, WSFS Institutional Service partaking as a member of Provenance and acting as trustee for Jefferies.
Ahead of this financing facility, Figure Co-founder and CEO Mike Cagney said that “the new financing facility enabled Provenance to support the entire end-to-end financing of loans, from origination to funding to servicing to financing.” According to him, “the initiative paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction, and liquidity benefits blockchain delivers.” Based in San Francisco, Figure was founded by SoFi founder and former CEO Mike Cagney.
According to the reports, Figure was first developed and deployed its distributed stakeholder blockchain Provenance in last year. It also offers security and major efficiencies of blockchain for loan origination, financing, sales, and securitization. Figure is aimed at leveraging Blockchain, Artificial Intelligence, and advanced analytics to open new access points for consumer credit products which can transform the financial lives of the company’s customers. Recently, the company has secured USD65 million from major financial and venture capitalists including Morgan Creek, Ribbit Capital, DCM, Nimble Ventures and partners from DST Global, which brings the total funds of the firm at USD 120 million by that time.