By
Temitope Olatunji
April 23rd, 2024
Michael Cagney, Figure Technologies founder, admitted that he had held an initial discussion on the national charter, however, he noted that the review process was still underway.
Through a round of Series D funding, Figure Technologies, a blockchain mortgage firm, has managed to raise $200 million. The company’s worth is believed to be $3.2 Billion. This investment deal mainly involved two key players, Morgan Creek Capital Mgt. and 10T Holdings. This funding deal incorporates contributions drawn from both old and fresh investors. Some of the notable investors include Digital Currency Group (the company that gave birth to Coindesk), Digital Capital Mgt, and DST Global.
Figure Technologies Initial Target
On top of the funding deal, Sachin Jaitly, Morgan’s Director, and Stan Miroshnik, the 10T Holding co-founder, are set to take positions on Figure Technologies board. This was gathered from an email detailing the funding deal announcement.
Figure Technologies already has a blockchain-based portal known as Providence. It uses the portal to market its mortgages and loans, for capital management & fund management, and also for banking and making payments. As indicated by a February 2021 SEC (Securities and Exchanges Commission) regulatory filing back in February 2021, the company was looking for $250 million.
The February filing further indicated that Michael Cagney, Figure Technologies founder, hoped to raise the funds via a special purpose acquisition company (SPAC), and the acquisition was to be executed through Figure Acquisition Corp.
Figure’s Banking Charter
Besides the SPAC, there was a banking charter that the company had applied for. However, it’s yet to come through. According to info detailing the applied charter, Cagney sought the approval from the comptroller’s office to provide its mortgage loans and their other financial services to the American market.
At the time Figure Technologies has already acquired 96 licenses from 49 states. In November 2020, Cagney however noted that were it not for the national charter, the company would have over 200 licenses at the beginning of this year, 2021.
On Wednesday, May 19, 2021, the acting team leader admitted that he had held an initial discussion on the hoped-for charter, however, he noted that the review process was still underway.
Figure Technologies Future
With the concluded funding and a pending banking charter in place, the future is undoubtedly bright for Figure Technologies. Besides, the onboarding of the experienced industry players is a further testament to the company’s expected growth. Cagney, and Figure Technologies in general, believe that their brainchild, Providence, and Blockchain technology as a whole are the most efficient and reliable ways of processing mortgages and loans compared to the traditional mechanisms.