Figure Technologies closes up to $1 billion ABL financing facility

By Angela McDaniels

Tacoma, Wash., May 9 – Figure Technologies, Inc. has closed an up to $1 billion uncommitted asset-based financing facility on the Provenance.io blockchain with Jefferies and WSFS Institutional Services, according to a company news release.

As part of the facility, Jefferies may make periodic advances to Figure under a variable funding note, which is secured by Figure home equity lines.

The facility is custodied on Provenance.io. Figure built and deployed Provenance.io, a distributed stakeholder blockchain, in 2018. It uses Provenance.io to originate, finance and sell its home equity line of credit loans to banks, asset managers and credit funds on blockchain.

“With the financing facility now in place, Provenance.io can support the entire end-to-end financing of loans, from origination to funding to servicing to financing,” Figure chief executive officer and co-founder Mike Cagney said in the news release.

“It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.”

Based in San Francisco, Figure Technologies is a fintech company in the home equity and blockchain spaces.

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