California-based fintech firm Figure Technologies has accomplished its $103 million funding spherical led by cryptocurrency asset supervisor Morgan Creek Digital. In conjunction with closing the Series C spherical, the blockchain-focused agency introduced that Morgan Creek co-founder Anthony Pompliano had joined Figure’s board, in keeping with a press launch on Dec. 5.
According to the brand new announcement, Figure Technologies’ complete funding now exceeds $225 million, whereas its valuation quantities to $1.2 billion.
MUFG’s VC arm joins funding
The new Series C funding was reportedly joined by MUFG Innovation Partners, a fully-owned VC subsidiary of Japan’s financial institution holding MUFG. Other buyers included DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, and The Partners at DST Global, amongst others, the press launch notes.
Mike Cagney, co-founder and CEO of Figure, famous that the brand new funding will present the agency with the required sources to proceed making use of blockchain know-how in lending, borrowing and investing companies throughout the monetary trade each within the U.S. and overseas.
Apart from his place at Figure, Cagney can be the founder and former CEO at main fintech agency SoFi, which just lately launched zero-fee crypto buying and selling on its SoFi Invest platform.
Pompliano: “Every stock, bond, currency, and commodity will eventually be digitized”
Morgan Creek’s Pompliano pressured that Figure’s efforts to reinvent finance and lending markets comes according to core funding idea that “every stock, bond, currency, and commodity will eventually be digitized.” He mentioned:
“Leveraging blockchain technology to drive speed, efficiency, and cost savings to lending, Figure is focused on driving out waste and dead time inherent to the lending process.”
As such, one among Figure’s flagship merchandise is Figure Home Equity Line, a fixed-rate line of credit score that allows quick approvals and funding. Specifically, the software reportedly permits customers to get approval in as little as 5 minutes and funding in 5 days, eliminating 45-day course of normally required by lenders to borrow in opposition to the fairness of their houses.
Backed by multi-billion greenback U.S. asset supervisor Morgan Creek Capital Management, Morgan Creek Digital is a significant crypto funding agency centered on institutional clients. In October 2019, the agency raised greater than $61 million for a blockchain fund to discover alternatives utilizing distributed ledgers.