Morgan Creek Funds Blockchain Home Equity Loan Firm
Figure Technologies, which is a blockchain-based home equity loan firm, was successful in raising around $65 million in a Series B round. Apparently, the success was made possible after the titular Morgan Creek backed the startup.
The firm reportedly announced the funding triumph recently and added that the round was spearheaded by a number of venture capital companies. This includes, but not limited to, DCM Ventures, RPM Ventures, Partners at DST Global, and Nimble Ventures. In a separate report, it turns out that venture capital firms like Digital Currency Group and Ribbit Capital also participated in the funding.
Thanks to the Series B investment, Figure Technologies has reached a new milestone. Basically, the startup’s total equity funding has reached over $120 million. The company also stated that the new investment is a huge success that happened at the right time. That is because it is going to help in strengthening the company’s product offerings, which has been the primary goal of the funding since day one.
The blockchain-powered home equity loan company was just founded last year. Ever since, it was successful in launching its very own home equity loan product, which was made official back in October last year. The product, in particular, is designed to specifically utilize the native blockchain protocol known as Provenance.
Fastest Loan Approval
Figure Technologies claimed that it has the means to provide the much-needed loan approval, which is very unlike any of its contemporaries. By essence, the firm said the approval can be given in “as little as five minutes.” What is more, the funding can be provided within a short period of time – five days, that is.
Mike Cagney, the CEO and co-founder of Figure Technologies, has some interesting things to say. Basically, he wanted to share more details regarding the funding round. According to him, the success only “validates” the potential of the company and its product in the market.
Cagney said that they are the first company to launch the fastest HELOC or home equity line of credit as far as the market is concerned. Not only does the startup originate and finance, but it is also responsible for selling one of its loans directly on the world of Provenance blockchain. For the executive, this is the first in the industry.
Figure Technologies said that the main reason for using blockchain technology is due to its efficiency, security, and cost advantage. These are qualities essential in providing loan origination, sales, and financing.