Figure Technologies to merge with Homebridge Financial Services
Blockchain firm Figure Technologies has signed a merger agreement with Homebridge Financial Services.
Figure utilises blockchain systems for loan origination, servicing, financing and now private fund services.
It claims it is “transforming” the financial service industry through blockchain technology for loans, equity management and payments.
The firm says it brings speed, efficiency and savings to both consumers and institutions.
Figure uses Provenance, a public, open source, decentralised blockchain. The platform hosts its digital asset marketplaces.
The company was founded in 2018 by serial technology entrepreneur and SoFi creator Mike Cagney.
It raised $200 million from a Series D funding round at the start of the month, backed by 10T Holdings and Morgan Creek Digital.
Cagney says the deal brings together “powerful and efficient technology” with a $25 billion-a-year loan originator.
He claims Figure can deliver a technology platform capable of doubling Homebridge’s capacity for fulfilling loans.
Homebridge is one of the largest privately held, non-bank lenders in the US. It employs 2,500 associates throughout its corporate offices, more than 180 retail branches and two wholesale divisions.