Figure Technologies, Jefferies and WSFS Institutional Services Close $1 Billion Financing Facility on Blockchain

Reposted from 5.9.19 Press Release:

” Figure Technologies, Inc. (Figure™), a leading fintech company in both the home equity and blockchain space, has closed an up to $1 billion uncommitted asset-based financing facility on the Provenance.io blockchain with Jefferies and WSFS Institutional Services. As part of the facility, Jefferies may make periodic advances to Figure under a variable funding note, which is secured by Figure home equity lines.  

The facility is custodied on Provenance.io, which was developed by Figure, a leading fintech company founded by former SoFi CEO Mike Cagney. Figure leverages Provenance.io to originate, finance, and sell its HELOC loans to banks, asset managers, and credit funds — all entirely on blockchain. Last month, Figure originated over $59MM in HELOCs on chain, providing members with 5-minute approval and 5-day funding, all online.

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With the financing facility now in place, Provenance.io can support the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Mike Cagney, CEO and co-founder of Figure. “It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.”