Figure Technology Solutions, Inc
 | |
| Private | |
| Industry | Financial technology |
| Founded | 2018 |
| Founders | Mike Cagney, June Ou |
Area served | United States |
Key people | Mike Cagney (Co-founder & CEO) |
| Products | Blockchain lending, Mortgage refinancing, Asset management, Payments |
| Website | figure |
Figure Technology Solutions, Inc., commonly known as Figure, is an American financial technology (fintech) company that provides blockchain-based lending, payments, and asset management solutions. Founded in 2018 and headquartered in San Francisco, California, the company is recognized for leveraging Provenance Blockchain, a decentralized ledger, to deliver consumer credit, home equity loans, and financial services for institutions.[1][2][3]
History and Founding
Figure was founded in 2018 by Mike Cagney, co-founder and former CEO of SoFi, along with June Ou and other financial technology executives.[4] The company was established with the goal of transforming lending and capital markets using blockchain technology to streamline transactions, reduce costs, and improve transparency.[5] Within its first year, Figure introduced a home equity line of credit (HELOC) product available through a fully digital platform.[6]
Products and Services
Figure Technology Solutions develops and distributes financial services primarily through its blockchain platform. Its core offerings include:
- Home Equity Lines of Credit (HELOCs): Digital lending products enabling consumers to borrow against home equity with faster approval processes compared to traditional lenders.
- Mortgage Refinancing: Figure offers mortgage refinancing options leveraging blockchain-based origination and servicing.
- Private Fund Services and Asset Management: Through its Provenance Blockchain, Figure enables institutions to tokenize, trade, and manage alternative assets.
- Payment and Settlement Solutions: Figure Pay, a blockchain-powered digital payments service, was launched to offer low-cost, near-instant transactions between merchants and consumers.
These solutions are delivered through Provenance Blockchain, developed as an open-source platform designed for lending, capital markets, and payments ecosystems.
Funding and Valuation
Since its inception, Figure has raised significant capital from venture and institutional investors. In May 2021, the company announced a Series D funding round of $200 million, led by Morgan Creek Digital and 10T Holdings, which valued the company at $3.2 billion. Additional investors have included DST Global, RPM Ventures, and Ribbit Capital.
Partnerships and Expansion
Figure has collaborated with banks, investment managers, and financial institutions to integrate blockchain into lending and securitization. Its Figure Lending LLC subsidiary has originated billions of dollars in loans, many of which have been securitized on Provenance Blockchain.[7]
In addition, the company has worked on developing Figure Pay, a challenger banking and digital wallet service. Designed as a blockchain-driven alternative to traditional debit systems, it aims to expand access to low-cost payments, particularly in underbanked regions.[8]
Industry Recognition
Figure Technology Solutions has been cited as one of the fastest-growing fintech startups in the United States. Analysts and financial media have noted the company’s pioneering role in applying blockchain technology to consumer lending and mortgage markets. Industry publications, including Forbes and Business Insider, have profiled the company’s innovations in credit and asset tokenization.[9]
Controversies and Challenges
As with other fintech and blockchain startups, Figure has faced regulatory scrutiny over compliance, lending standards, and the adoption of blockchain in financial services. Critics have raised concerns about the scalability of blockchain platforms in regulated markets, although the company has emphasized transparency and regulatory collaboration.[10][11]
References
- ↑ "Figure Technology Solutions Secures Strategic Financing Partnership with Victory Park Capital". Business Wire. May 19, 2025. Retrieved 26 August 2025.
- ↑ "Figure Technology Solutions Inc. Files Registration Statement for IPO". Yahoo Finance. August 18, 2025. Retrieved 26 August 2025.
- ↑ "Figure Technology Solutions Pursues IPO on Profitable Growth". Seeking Alpha. August 2025. Retrieved 26 August 2025.
- ↑ Bloomberg News (August 18, 2025). "Blockchain-Based Lender Figure Technology Files Publicly for IPO". Bloomberg. Retrieved 26 August 2025.
- ↑ "Figure Technology Solutions to Merge with Figure Markets". Architect Partners. 2025. Retrieved 26 August 2025.
- ↑ "Figure Technology Solutions and Sixth Street Form Joint Venture to Bring Over $2 Billion of Liquidity and Through-the-Cycle Stability to Non-Agency Mortgage Market". Sixth Street. 2025. Retrieved 26 August 2025.
- ↑ "Figure Technology Solutions Company Profile". Bloomberg. 2025. Retrieved 26 August 2025.
- ↑ "Blockchain-Based Lender Figure Files for IPO". Yahoo Finance. August 18, 2025. Retrieved 26 August 2025.
- ↑ Reutgers (August 18, 2025). "Blockchain Lender Figure Technology Reveals Revenue Surge in U.S. IPO Filing". Reuters. Retrieved 26 August 2025.
- ↑ "Figure Technology Solutions Inc. Files Registration Statement for Proposed Initial Public Offering". Business Wire. August 18, 2025. Retrieved 26 August 2025.
- ↑ "Figure Technology Solutions Takes Another Step to Become Public". HousingWire. August 2025. Retrieved 26 August 2025.