Figure Technologies raises $200 million to reach $3.2 billion valuation
US-based blockchain fintech provider Figure Technologies is closing a $200 million Series D funding round at a $3.2 billion valuation.
10T Holdings and Morgan Creek Digital are co-leading the round. Sachin Jaitly, general partner at Morgan Creek, and Stan Mironshik, partner and co-founder of 10T, will join Figure’s board.
Other investors include DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, and the partners at DST Global.
“The team has accomplished so much in under three years. This funding is a testament to that work,” says Mike Cagney, co-founder and CEO of Figure. Cagney is a serial entrepreneur who also founded SoFi – which he left in 2017.
“This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent the financial services industry.”
Figure’s previous Series C round, which took place in 2019, raised $103 million.
Figure uses Provenance, a public, open source, permissionless, decentralised blockchain. The platform hosts its digital asset marketplaces.
They include home lending, capital table management, fund management and administration, banking and payments.
Morgan Creek’s Jaitly describes Provenance as “a new set of financial rails”. Ones which are “faster and less expensive than alternative solutions”. It is, he adds, “on the precipice of becoming adopted by major financial institutions”.