Figure Technologies, an almost two-year-old, San Francisco-based fintech cofounded by Mike Cagney, the originator of the more settled fintech company SoFi, is raising a whole lot of money, again.
More About Figure’s Funding History
By February of this year, Figure had previously raised $120 million in investment funding from a gaggle of investors, including RPM Ventures, partners at DST Global, Ribbit Capital, DCM, DCG, Nimble Ventures, and Morgan Creek.
In May, it declared that it had secured an up to $1 billion uncommitted asset-based funding ability on its private custom blockchain from Jefferies and WSFS Institutional Services.
Presently, according to paperwork recorded with the SEC beginning of this month, it seems that Figure has settled or is about to settle on $103 million in Series C funding.
Probably, investors are intrigued partly by the company’s expanding state of products.
The Story of Figure and SoFi
Figure began by giving home loans to older customers who are not earning revenue and have much of their money tied up in their homes.
It has more lately started to follow after a demographic that Cagney knows well through SoFi, which is younger individuals seeing to refinance their student loans.
Cagney cofounded Figure with his spouse, June Ou, who is also the company’s chief operating officer.
She was earlier the chief technology officer at SoFi, where Cagney lost his position in 2017 as CEO after a board inquiry into sexual offense at the company.
Others of Figure’s cofounders involve Alana Ackerson and Cynthia Chen.
Ackerson was earlier the CEO of the Thiel Foundation.
Chen was most lately a venture associate with DHVC (Danhua Capital), a venture capital firm situated in Palo Alto, Ca.
According to Figure’s website, it intends to launch a money market product “soon.”
Figure has also discussed in the past of developing into other lines of business, including wealth administration, unsecured customer loans, and monitoring accounts, all offered by partner banks.
In the meantime, SoFi has likewise been increasing beyond student loan refinancing below the leadership of present CEO Anthony Noto.
Beginning of this year, for instance, SoFi made partial share investing and exchange-traded funds accessible to its users.
It further launched a mobile-first money management account.
For more information and the latest tech news, keep reading iTMunch.