The Figure Blockchain Lending Platform announced that it has secured a $ 100 million funding facility from JP Morgan. By the way, this is the fifth line of financing from JP Morgan that it has given to Figure, with a total of 1.5 billion dollars.
Blockchain Figure and its financing
Indeed, the mortgage platform Blockchain Figure says that it has closed a financing with JP Morgan. Also, it reported that its mortgage business grew almost 50% month-over-month, in the fourth quarter of 2020.
Thus, Figure uses Blockchain technology to issue mortgages and loans faster. And, with reduced costs by automating parts of the process.
That’s why Mike Cagney, CEO of Figure, said, “This financing from JP Morgan will help us continue to innovate in the lending space. Come and be part of the Blockchain revolution ».
In addition, he expressed: “We hope to take advantage of our momentum in 2020, both in volume and in bringing Blockchain to the mortgage market.”
As a fun fact, Cagney helped found Figure in 2018. After leaving SoFi in 2017, following reports of a toxic culture.
Essentially, the line of credit covers both conforming mortgages and jumbo mortgages. Loans that exceed traditional loan restrictions.
To better understand, conforming loans are simply conventional loan types that meet the Federal National Mortgage Corporation (Fannie Mae) purchasing standards. Thus, as a specific loan amount.
On the other hand, Jumbo loans are mortgages that exceed the maximum amounts of conforming loans.
In particular, Figure Lending says that it has so far secured an amount of $ 1.5 billion in loan facilities. Through five financing agreements.
In fact, including $ 1 billion from Jefferies Group and WSFS Banking Services in 2019. Jefferies, is a multinational independent investment bank and financial services company based in New York.
In this regard, Mike Cagney, CEO of Figure stated: “With the financing mechanism, Provenance.io can support all loan financing from one end to the other.”
Referring to the news about Figure Technologies’ $ 1 billion credit line, Anthony Pompliano, co-founder of Morgan Creek Digital, stated that the market was moving towards full tokenization of all markets.
BREAKING: @AskFigure just announced a $ 1 billion financing facility from @Jeffries and others on the Provenance blockchain.
Every stock, bond, currency and commodity will be tokenized and Figure is the sleeping giant.
Ignore them at your own risk! 🔥
– Pomp 🌪 (@APompliano) May 9, 2019
I retire with this phrase by Lucía Etxebarría: «Twelve hours a day of my time are mortgaged. To get the money to pay for those luxuries that I can’t enjoy.
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