Figure Technologies, a blockchain-based home equity loan startup, has raised $65 million in a Series B funding round led by RPM Ventures.
Many notable market players participated in the funding round including Morgan Creek, Ribbit Capital, DCM, DCG, and Nimble Ventures.
Figure Technologies, in its official announcement on February 27, mentioned that the funds would be utilized in strengthening the firm’s product offerings as well as to support its growth.
Mentioning the funding round, Alana Ackerson, co-founder and chief people officer of the firm, said: “Figure is empowering a more financially secure future for its customers with technology that seamlessly taps into the wealth they already have. This spirit extends to our company culture, where our values nurture a company with transparency and purpose at its core and, by extension, informs how we build and innovate.”
The startup says that with the recent inflow of investment, its total equity funding went over $120 million.
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Launched last year, Figure jumped into home equity lending business in October utilizing its native blockchain protocol called Provenance. The firm claims that, on its platform, loan requests can be approved in “as little as five minutes” and the funding in five days.
“We are encouraged by what we’ve accomplished in our first year, and this investment validates Figure’s market potential,” Mike Cagney, co-founder and CEO at Figure, said.
“We launched the fastest HELOC 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.”
Running Towards VCs Instead of ICOs
With the bust in the crypto market and the associated initial coin offering (ICO), blockchain firms are now opting towards the traditional approach to raise funds in the early stages.
Blockchain analytics firm Coin Metrics raised $1.9 million in a seed funding round from a number of venture capitals, Finance Magnates reported earlier today.
Many blockchain-oriented funds are also becoming popular as Pangea Blockchain Fund recently secured $22 million in its initial funding round and was backed by Roger Ver. The fund is also aiming to cap its fundraising at $200 million.