Figure Raises $200M in Series D Funding Round

Blockchain-based startup Figure Technologies has secured $200 million in a Series D funding round, which brought the firm’s valuation to $3.2 billion, Figure said in a press release on 20 May.

According to the announcement, the new funding round was led by venture capital firm Morgan Creek Capital Management and crypto-focused equity fund 10T Holdings. It also saw participation from new and existing investors, such as DST Global, Digital Capital Management, and Digital Currency Group. The co-founder and CEO of Figure, Mike Cagney, said in a statement:

“The team has accomplished so much in under three years, and this funding is a testament to that work. 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.”

In addition to the funding round, Figure will also expand its board of directors, with the two new members being Morgan Creek general partner Sachin Jaitly and 10T co-founder Stan Miroshnik. The newly acquired funds will help Figure develop its payments toll Figure Pay, close new deals for lending operations, and seek a national bank charter from the U.S. Office of the Comptroller of the Currency (OCC), for which it applied back in November 2020. Cagney said at the time:

“Figure is pursuing the charter to reduce the complexity of our business – we’ll have over 200 state licenses next year without such a charter.”

Founded in 2018, the Figure uses its own blockchain, named Provenance, on which it develops products for lending, banking, payments, and asset management. Provenance also serves as the firm’s marketplace for loans and mortgages. Jaitly described the blockchain as a set of new financial rails “that is faster and less expensive than alternative solutions”.