San Francisco based blockchain company led by former SoFi CEO Mike Cagney raised $65m in Series B funding led by RPM Ventures and DST Global. The valuation on the round was $365m.
Figure is one of several companies and startups that are trying to make it easier for Americans to borrow against their homes, a process that’s typically paperwork-intensive and time-consuming. In addition to incumbents like Unison Home Ownership Investors, there are also newcomers like Point Digital Finance Inc. and fintech lender Prosper Marketplace Inc. Meanwhile, traditional banks are trying to make their processes more tech-enabled. San Francisco-based Blend Labs Inc. has rolled out software that allows the customers of lenders like U.S. Bank and Wells Fargo & Co. to apply for home equity loans through their apps. Before co-founding Figure, Cagney, a former Wells Fargo trader, helped make SoFi into one of America’s largest student loan refinancers.