Figure Technologies, a blockchain finance firm set up by SoFi founder Mike Cagney, has raised USD 200 million to further its work on its blockchain platform.
The company has developed the Provenance blockchain that initially focused on services such as financing domestic real estate (HELOCs to be specific) and has since expanded into capital table management, fund management and administration, banking, and payments. With the current announcement, the platform relaunched as a public permissionless and open source blockchain based on Cosmos technology.
Furthermore, Figure Pay aims to provide point-of-sale credit to the unbanked and underbanked, with the startup filling a national bank charter application.
The funding round was co-led by 10T Holdings and Morgan Creek Digital and other participants like DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global and others.
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