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Blockchain-based Figure raises $65 Million

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Shivank Mishra
Blockchain-based Figure raises $65 Million

As per reports published by TechCruch, blockchain based home equity loan platform, Figure has raised $65 million in a funding round.

The latest round led by Morgan Creek, DST Global, DCM, Ribbit Capital and Nimble Ventures, now values the company at $120 million in terms of raised funds.

Figure was founded by Mike Cagney, former CEO and founder of SoFi.

Having issued over 1500 equity lines, Figure is targeting old clients who are cash-light and equity-rich.

As of now, it is lending $1.5 million per day and plans to double the figure in few months.

In an interview with American Banker, Cagney states, “At the end of 2019, Figure should look like a robust financial platform that can meet the needs of our customers.” He also revealed plans of disrupting into sectors like wealth management.

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