FinTech startup Figure closes $200 mn in Series D at $3.2 bn valuation

By Pavithra R

Figure Technologies (Figure), a FinTech company leveraging AI, blockchain, and analytics to deliver innovative home equity release solutions and various other products that help improve the financial lives of customers has announced closing a $200 mn Series D funding round at a $3.2 bn valuation.

The investment round was co-led by 10T Holdings and Morgan Creek Digital and saw participation from new investors including DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global and others.

“The team has accomplished so much in under three years, and this funding is a testament to that work. This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent the financial services industry,” said  Mike Cagney, Co-Founder and CEO of Figure.

The firm has also announced that Sachin Jaitly, General Partner at Morgan Creek, and Stan Mironshik, Partner and Co-Founder of 10T, will join the board.

“Morgan Creek Digital is excited to support Figure because they not only built a world class lending business, but they also built a unique blockchain platform with the financial services industry in mind. Provenance, a new set of financial rails that is faster and less expensive than alternative solutions and is on the precipice of becoming adopted by major financial institutions. This poses a significant opportunity to unlock value in many ways and we couldn’t be more thrilled to support the team,” said Jaitly.

Founded in 2018, Figure is a web-based platform that manages digital assets and can be used for completing financial and investment transactions. Its mission is to build products that offer unprecedented speed and ease, powered by blockchain technology. The firm is using Provenance, a public, open source, permissionless, decentralized blockchain, for its digital asset marketplaces including home lending, capital table management, fund management and administration, banking and payments.