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Figure hits $3.2bn valuation on $200m fund raise

Figure hits $3.2bn valuation on $200m fund raise

Figure Technologies, a blockchain-based startup for providing loans against mortgage equity, is closing a $200 million Series D funding round at a $3.2 billion valuation.

10T Holdings and Morgan Creek Digital are co-leading the round, which is joined by DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global.

The company, founded by former SoFi CEO Mike Cagney, uses blockchain technology for products including home lending, capital table management, fund management and administration, banking and payments.

Figure is currently applying for a bank charter that would see it avoid having to secure dozens of state licenses and would allow it to market a greater range of consumer products across the country.

Says Cagney: “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.”

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