Morgan Creek Joins $65 Million Series B for Blockchain Home Equity Loan Firm
Yogita Khatri's original article for www.coindesk.com reduced by 52%
Blockchain-based home equity loan startup Figure Technologies has raised $65 million in a Series B round backed by Morgan Creek. The Series B investment brings the firm's total equity funding to over $120 million, the firm said, adding that the new investment will go toward helping the firm strengthen its product offerings. Its home equity loan product in October, which utilizes its native blockchain protocol called Provenance.
The firm claims to provide loan approval in "As little as five minutes" and funding within five days. "We launched the fastest HELOC in the market, and we originate, finance and sell every one of our loans on the Provenance blockchain, an industry first." Figure said in its announcement that it turned to blockchain tech for its "Security, efficiencies and cost advantage" for loan origination, financing and sales. By mid-2019, Figure expects several other loan originators to use the platform by mid-2019.
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