San Francisco, California-based fintech firm Figure Technologies which leverages blockchain tech has bagged another $100-$105 million as part of Series C financing as per its latest SEC filing. The firm has already raised funds from notable names like RPM Ventures, partners at DST Global, Ribbit Capital, DCM, DCG, Nimble Ventures, and Morgan Creek. Not long ago the firm had announced that it closed a $1 billion uncommitted asset-based financing facility from Jefferies and WSFS Institutional Services.
The freshly infused capital will help Figure Technologies foray into the $1.4 trillion student loan market and help it compete with bigger players like SoFi. Interestingly, Mike Cagney, the founder of Figure was one of the main men behind the SoFi becoming one of the leaders in the student loan segment.
He founded the firm along with Alana Ackerson, Cynthia Chen, June Ou, and Sara Priola in 2018 after he was made to resign from SoFi as a CEO when a board investigation into sexual misconduct at the company leveled charges against him.
Figure’s website says that they are planning to launch a money market product along with wanting to launch other lines of business, including wealth management, unsecured consumer loans, and checking accounts, all offered through partner banks.
With a number of firms getting capital in the loan segment aimed at students and expanding their territories. It will be interesting to see how Cagney and his team utilize the freshly infused sum and challenge the other players including, SoFi.
Image Courtesy : Yahoo News