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Blockchain-based lending company Figure Technologies, a fintech unicorn founded by former SoFi CEO Mike Cagney, has revealed that it is applying for a national banking statute.
The figure, after it raised $ 103 million at a valuation of more than $ 1.2 billion last year, says a full-fledged domestic bank card would help the company better navigate regulation, cut costs and improve business. safety.
Blockchain-based lending company Figure Technologies boasts a valuation of over $ 1.2 billion.
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“Figure is pursuing the charter to reduce the complexity of our business,” Cagney said in a press release, indicating that the company will soon have 200 different state licenses.
“This card will allow Figure to lend to more consumers,” added Nick Ambrosini, executive vice president of Credit Union and strategic partner of Figure Valley Strong.
CD Davies, currently head of loan at San Francisco-based Figure, is set to lead the company’s efforts to obtain banking bylaws from the Office of the Controller of the Currency (OCC) and will eventually become the CEO of Figure Bank.
“This national bank card will be instrumental in our efforts to continue developing and delivering new financial products and services to communities across the country who haven’t really had access to affordable offers,” said Davies, who switched to blockchain banking after held senior roles in Citibank and Capital One.
Figure uses its blockchain platform, Provenance, to digitize “the bulky paper [loan] processes “and Cagney says traditional banks are starting to do the same.
“Our loan takers all use the Provenance blockchain and are now trying to be born on the chain themselves,” Cagney said over email. “Figure has reduced blockchain risk across a variety of verticals: loans, fund services, payments.”
Although Cagney said Figure Bank “initially” will not offer bitcoin and cryptocurrency services, “it will still hold the blockchain’s native digital securities.”
Last year, in addition to the $ 103 million funding round, Figure added Morgan Creek Digital’s Anthony “Pomp” Pompliano to its board of directors.
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