Blockchain-based fintech firm Figure raises $200M

Blockchain-powered fintech startup Figure Technologies has secured major funding for its mission to improve the financial services industry with Provenance blockchain.

Figure announced Thursday that the company raised $200 million in a Series D round led by Morgan Creek’s crypto venture capital arm Morgan Creek Digital Funding and digital asset-focused equity fund 10T Holdings. Featuring other existing investors like Digital Currency Group, the new funding brings Figure’s valuation to $3.2 billion.

Figure co-founder Mike Cagney said that the new funding will help the company close new deals for its lending operations, build out its payments tool Figure Pay and seek a national bank charter from the United States Office of the Comptroller of the Currency.

In conjunction with the latest funding round, Figure is expanding its board of directors with executives from lead investors including Morgan Creek general partner Sachin Jaitly and 10T co-founder Stan Mironshik. “Figure is building next-generation lending, trading, and settlement infrastructure for the Digital Asset Ecosystem,” 10T general partner Dan Tapiero said.

Founded in 2018, Figure is a venture-backed private blockchain holding company developing products for lending, asset management, banking and payments, all of which are based on the Provenance blockchain. Figure co-founder Cagney is also the founder of American online personal finance company SoFi.

The news comes shortly after Figure rolled out a new public, open-source, decentralized, proof-of-stake blockchain on Wednesday. The new decentralized Provenance replaces the prior permissioned Provenance blockchain launched in 2018.