The Cofounders of Figure Technologies, Sec Figure Mike Cagney 250M SpactempkinBloomBerg and David Pike, have landed a new round of funding from SPACE, a venture capital firm with a focus on tech startups. They plan to close the Series C round of investment in October. The company is a FinTech startup that is developing a cryptographic system for executing financial services business transactions. Its founders were UC Santa Cruz Sloan Fellows.

Cofounders of Figure Technologies

Sec Figure Mike Cagney 250M SpactempkinBloomBerg is a fintech company based in San Francisco. It provides a range of financial products, including mortgage refinancing, home equity loans, and also student loan refinancing. It also has a money market product coming to market.

Figure is building its own blockchain to create a more efficient loan process. The company’s blockchain is called Provenance, and also it promises to displace trust with truth. This can result in a significant impact on the $400 billion loan process each year.

Five Star Customer Service

Sec Figure Mike Cagney 250M SpactempkinBloomBerg company offers five star customer service and also eliminates the need for physical property inspections. Its loan application to funding process is less than five days. Another benefit is that there is no counterparty risk.

Morgan Creek Digital

As of February, Sec Figure Mike Cagney 250M SpactempkinBloomBerg has raised $103 million in Series C funding. It also secured a $1 billion line of credit. Other investors include Ribbit Capital, DCM, The Partners at DST Global, and also Morgan Creek Digital.

Figure has recently started to chase younger consumers who want to refinance their student loans. This is a strategy the company thinks will lead to significant growth.

Former SoFi CEO Mike Cagney

Figure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, recently raised $103 million in Series C funding. The company, which has a valuation of $1.2 billion, claims to be the leader in transforming the lending experience. Its financial services business is executed on the native blockchain network Provenance.

As Figure continues to roll out new products and services, it has begun to snare younger people in the market to refinance their student loans. It also has made an effort to improve the customer experience by launching a streamlined “mousetrap” to process home loans. This is a big win for the company as older customers often have more wealth tied to their homes.

Digital Currency Group

Figure Technologies has also received investments from The Partners at DST Global, HCM Capital, Digital Currency Group and RPM Ventures. However, it has yet to reveal the name of any of its users. With a valuation of $1.2 billion and a mission statement to improve the lives of its customers, the future looks to be bright for this Silicon Valley fintech.

Transparency & Traceability of Transactions

The adoption of blockchain technology in the financial services industry has the potential to transform the whole business chain. The advantages of adopting this technology include increased transparency and traceability of transactions, access to a wider investor base, digitization of assets, lower costs of capital, and better incentive alignment among stakeholders. All the participants involved in these transactions will benefit from this technology, from the bank to the consumer. This includes improved user experience, increased efficiency, more accountable governance systems, reduced counterparty risk, and access to all digital financial instruments.

Final Words:

As financial services businesses look to scale up their operations, a number of banks have started to look into the benefits and risks of implementing the Blockchain. Banks that plan to adopt the technology have a clear goal – gain sufficient market share and improve their competitiveness. They also aim to enter the market as an early pioneer. In addition, they want to be able to provide a secure, reliable, and trustworthy service.