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Mortgage Company ‘Figure’ Is a Unicorn in the Blockchain World
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Blockchain-based fintech company Figure is rumored to be raising some $100M. The company offers real-estate loans and boasts a strong collection of industry leaders.
You may not have heard of Figure, but the company has been working behind the scenes—and scoring some big funding in the meantime.
To date, the company has raised some $130M after raising $65M from a Series B funding round in February. It currently boats some 160 employees. However, that is most remarkable is its deep-seated connections to many areas of the industry. Its key advisors include former SEC chairman, Arthur Levitt, former FDIC Chairwoman Sheila Bair, former Digital Asset CEO Blythe Masters, Global Atlantic CIO Anup Agarwal and Andy Sandler, founder of Buckley Sandler.
It offers consumer-based loan offerings, and has even spun out a security token offering out of their Provenance blockchain network project. Most importantly, Figure does not rely on third-party blockchain technology; instead, they have their own permissioned proof-of-stake blockchain system.
Figure’s CEO Mike Cagney seemed to imply that Provenane’s STO was a massive success. Provenance’s tokens sold for 15 cents giving an implied market capitalization of a whopping $15 billion.
First open auction of Hash on Provenance (https://t.co/DFrgHAfRv7). $0.15 clearing price ($15 billion implied market cap). Great to see pricing transparency outside of a centralized exchange. #blockchain #fintechpic.twitter.com/KacgpHw2oV
— Mike Cagney (@mcagney) August 2, 2019
Currently, Figure boasts hundreds of clients for home equity. It remains to be seen whether the company can quickly expand. The San Francisco-based company provides home loans, and has thus far been largely under-the-radar compared to other leading mortgage brokers, likely due to not having a token. However, that now looks to be changing with Provenance.
Do you believe that Provenance could secretly be holding one of the most successful STOs? Let us know your thoughts below.
Image courtesy of LedgerInsights.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
