California-based fintech company Figure Technologies has completed its $103 million funding round led by cryptocurrency asset manager Morgan Creek Digital. In conjunction with closing the Series C round, the blockchain-focused firm announced that Morgan Creek co-founder Anthony Pompliano had joined Figure’s board, according to a press release on Dec. 5.
The news comes three days after Figure secured $58 million of the planned $103 million, according to its filing with the United States Securities and Exchange Commission.
According to the new announcement, Figure Technologies’ total funding now exceeds $225 million, while its valuation amounts to $1.2 billion.
MUFG’s VC arm joins funding
The new Series C funding was reportedly joined by MUFG Innovation Partners, a fully-owned VC subsidiary of Japan’s bank holding MUFG. Other investors included DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, and The Partners at DST Global, among others, the press release notes.
Mike Cagney, co-founder and CEO of Figure, noted that the new investment will provide the firm with the necessary resources to continue applying blockchain technology in lending, borrowing and investing services within the financial industry both in the U.S. and abroad.
Apart from his position at Figure, Cagney is also the founder and former CEO at major fintech firm SoFi, which recently launched zero-fee crypto trading on its SoFi Invest platform.
Pompliano: “Every stock, bond, currency, and commodity will eventually be digitized”
Morgan Creek’s Pompliano stressed that Figure’s efforts to reinvent finance and lending markets comes in line with core investment concept that “every stock, bond, currency, and commodity will eventually be digitized.” He said:
“Leveraging blockchain technology to drive speed, efficiency, and cost savings to lending, Figure is focused on driving out waste and dead time inherent to the lending process.”
As such, one of Figure’s flagship products is Figure Home Equity Line, a fixed-rate line of credit that enables fast approvals and funding. Specifically, the tool reportedly allows users to get approval in as little as five minutes and funding in five days, eliminating 45-day process usually required by lenders to borrow against the equity in their homes.
Backed by multi-billion dollar U.S. asset manager Morgan Creek Capital Management, Morgan Creek Digital is a major crypto investment firm focused on institutional customers. In October 2019, the firm raised more than $61 million for a blockchain fund to explore opportunities using distributed ledgers.