Figure 13-month-old, San Francisco-based company says it uses blockchain technology to provide home equity loans online in just a few days: $ 120 million to date, including $ 65 million in new funding from RPM Ventures and Partners at DST Global, with participation from DCG, Nimble Ventures, Morgan Creek and earlier investors Ribbit Capital and DCM.
That's not entirely surprising, given who founded the company, Mike Cagney, who founded SoFi and built it into a major player in student loan refinancing in the US
Today, SoFi has moved on to the leadership of CEO Anthony Noto, a former Twitter executive who is working to reshape SoFi from a lending company into a full-fledged financial services company with savings and checking accounts, as well as exchange-traded funds, all with the aim of making its platform stickier than in the past. Although Cagney had once predicted the company would IPO in 201
Cagney has meanwhile moved on, too. Indeed, while it is moving to diversify into new areas, including wealth management, unsecured consumer loans, and checking accounts offered (for now).
Interesting, Figure, which employs 100 people, is targeting a very different demographic than did SoFi, as Cagney told American Banker recently. Given that older Americans are projected to outnumber children for the first time in history by 2030, according to US census data, Cagney clearly sees the writing on the wall.
Unsurprisingly, he's not the only one. Point of view: A couple of four-year-old startup thats lends capital to people and receives partial ownership in their homes.
Cagney cofounded Figure with his wife, June Ou, who is the company's chief operating officer. She was previously chief technology officer at SoFi.