Blockchain home equity loan startup Figure raises $65M

Figure Technologies Inc., a home equity financial technology startup that uses blockchain tech to facilitate loans, today said it has raised $65 million in new funding to bolster its product offering and  growth.The Series B round was led by RPM Ventures and DST Global and included Ribbit Capital, DCM, DCG, Nimble Ventures, Morgan Creek and several individual investors. Founded in 2018, Figure leverages blockchain tech with artificial intelligence and advanced analytics to “unlock new access points for consumer credit products that can transform the financial lives of our customers.” The company primarily offers “home equity release solutions” that allow homeowners to borrow against the equity in their homes. Figure’s main product, Figure Home Equity Loan Plus, is a fixed-rate loan that it says provides approval in as little as five minutes and funding in five days, all facilitated online. Where Figure gets interesting is that it all of its loans use a system called “Provenance,” a distributed stakeholder blockchain for loan origination.