California-based Figure raises $65m in Equity Funding

BFSI News

California-based-Figure-raises-65m-in-Equity-Funding California-based Figure raises $65m in Equity FundingFigure Technologies, a San Francisco, California-based leading lending firm in home equity, as per recent press release statement on Wednesday, Feb. 27th, 2019, raised $65 million in series B equity funding.

With this latest series B funding round, Figure has raised a total equity funding of over $120 million as it starts its second year of operations. The equity funding round was led by RPM Ventures and partners at DST Global and was participated by investors: Ribbit Capital, DCG, DCM, Nimble Ventures, and Morgan Creek. The San Francisco-based lendtech plans to utilize this recent investment to bolster its product offering and boost growth.

Speaking on this context, Mike Cagney, co-founder, and CEO at Figure said, “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. From the diversity of our founding team to our alignment with our members’ financial success, we believe we’re building a different – and better – kind of technology company.”

The firm’s flagship digital offering – Figure Home Equity Loan Plus – is a fixed-rate loan that comes with a five minutes approval and five days funding guarantee. Moreover, Figure claims that its digital offering allows borrowing against the home equity for consumers without the “paperwork-intensive, 45-day process traditional lenders require”. Since Sep. 2018, last year, the firm claims to have funded 1,500+ HELOCs for members across 36 states in the US.