SAN FRANCISCO–(BUSINESS WIRE) – Figure Technologies, Inc. (Figure ™), a leader in transforming financial services through the power of blockchain technology, today announced that its subsidiary Figure Lending LLC has closed a $ 100 million financing facility to settle and JP Morgan’s jumbo mortgages .
This is the fifth funding mechanism for the online loan pioneer, having closed nearly $ 1.5 billion in these deals. Wall Street’s credit line partners include Jefferies, other banks and funds and now J.P. Morgan.
This $ 100 million loan line is another opportunity for Figure to continue fueling growth in its mortgage lending. The company’s mortgage business grew almost 50% month-on-month in the fourth quarter, and the Figure anticipates continued growth in 2021.
“This facility with J.P. Morgan will help us continue to innovate in the area of lending,” said Mike Cagney, CEO and co-founder of Figure. “We hope to build on our momentum for 2020, both in volume and in bringing blockchain to the mortgage market.”
Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to consumers and institutions. The figure continues to reveal a series of novelties at fintech in the capital markets, investment management and banks and payments sectors. Figure leverages its Provenance blockchain for loan origination, maintenance, financing and now private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and turned the company into a billion dollar business under his leadership as CEO. Learn more at https://www.figure.com/.