Figure Technologies, which originates, finances and sells home equity loans on blockchain, recently raised $65 million in Series B funding, bringing its total equity funding to more than $120 million.
The company, now entering its second year, claims homeowners applying online for the Figure Home Equity Loan PLUS product can be approved in as little as five minutes and can receive funding in five days.
Since September 2018, Figure has funded more than 1,500 HELOCs for customers across 36 states.
The company also offers a reverse mortgage called Figure Home Advantage. This product helps seniors turn their home equity into monthly retirement income, all while staying in their current home.
This most recent round of private capital was led by RPM Ventures and partners at DST Global, with participation from investors Ribbit Capital, DCM, DCG, Nimble Ventures, Morgan Creek and others.
Figure says it will use the funding to bolster its product offering.
“We are encouraged by what we’ve accomplished in our first year, and this investment validates Figure’s market potential,” says Mike Cagney, co-founder and CEO at Figure, in a release. “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,” he adds.