Figure (blockchain lender)
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2018 |
| Founder | Mike Cagney, June Ou |
| Headquarters | United States |
Key people | Michael Tannenbaum (CEO), Macrina Kgil (CFO), Ron Chillemi (Chief Legal Officer) |
| Products | HELOCs, cash-out refinancing, DSCR loans, crypto-collateralized loans, Figure Connect, Intellidebt, Figure Markets, Democratized Prime, $YLDS stablecoin |
Number of employees | 168 collaborators (2025) |
Figure Technology Solutions, Inc. is an American financial technology enterprise established in 2018 by Mike Cagney and June Ou. The company specializes in creating blockchain-driven platforms tailored for lending, capital markets, and asset management. Its product lineup includes HELOCs, cash-out refinancing, DSCR loans, crypto-collateralized loans, and the consumer credit platform Figure Connect.
History
Figure initially concentrated on incorporating blockchain technology to streamline loan origination and securitization, aiming to minimize dependence on conventional financial infrastructure. Its services are built on the Provenance Blockchain, making Figure the pioneer in placing consumer loans on a blockchain network. The firm later broadened its scope to include cash-out refinance products and embedded its lending solutions within the systems of financial institutions through private-label partnerships with banks, credit unions, and mortgage brokers.
By 2024, Figure had introduced Intellidebt, a debt consolidation tool integrated directly into loan applications, alongside crypto-backed loans that allow holders of Bitcoin and Ethereum to borrow against their digital assets. The company also launched Figure Markets, which merges traditional finance with cryptocurrency and DeFi, as well as Figure Connect for tokenized loan origination and trading.
In 2024, the executive team saw changes with Michael Tannenbaum assuming the role of CEO, Macrina Kgil appointed CFO, and Ron Chillemi named chief legal officer.
By 2025, Figure had facilitated more than $17 billion in U.S. home equity lending. That year marked an expansion of its product offerings to include Piggyback second mortgages, DSCR loans, and HELOCs targeting senior customers through Longbridge Financial.
In August 2025, Figure consolidated operations by merging with its former subsidiary Figure Markets, integrating lending, trading, and yield-generation services on the Provenance Blockchain. The company unveiled Democratized Prime, a platform enabling both institutional and retail investors to lend and borrow using tokenized collateral—establishing the first real-world asset lending pool backed by HELOCs. Additionally, Figure Markets became the inaugural entity to obtain SEC authorization for a public yield-bearing stablecoin named $YLDS. That same year, Figure confidentially submitted paperwork for an Initial Public Offering (IPO).
Funding
Figure Technology Solutions launched with seed funding in early 2018, achieving a post-money valuation near $100 million. Later that year, it secured Series A financing at an estimated $150 million valuation.
In early 2019, the company raised over $65 million during its Series B round, elevating its valuation to approximately $380 million. Later in 2019, a Series C financing round generated more than $100 million at a valuation close to $1.2 billion.
By May 2021, Figure completed a Series D funding round totaling $200 million at a valuation of $3.2 billion. This round was co-led by 10T Holdings and Morgan Creek Digital and included investments from Apollo Global Management affiliates, DST Global, Ribbit Capital, Digital Currency Group, HCM Capital, DCM Ventures, RPM Ventures, Blockchain.com, Endeavour Capital, L1 Digital, Goldentree Asset Management, National Bank Holdings, Rockaway Blockchain, and HOF Capital. Apollo Global Management also entered into a strategic partnership with Figure to advance blockchain initiatives utilizing the Provenance blockchain.
In February 2025, Figure partnered with Sixth Street in a joint venture where Sixth Street committed $200 million in equity funding to Figure Connect. This capital infusion ensured continuous liquidity for private credit assets such as home equity lines of credit (HELOCs), facilitating growth within the private credit marketplace.
In September 2025, Figure made its public market debut on Nasdaq under the ticker symbol FIGR with a valuation of $7.6 billion.
Operations and technology
Figure's operational framework is established on the Provenance Blockchain, a public protocol tailored for financial services. The firm leverages smart contracts alongside tokenization to streamline the management of loan lifecycles, minimizing manual intervention and lowering transaction expenses.
By 2025, Figure's portfolio encompassed various financial solutions such as home equity lines of credit, cash-out refinancing loans, DSCR loans, second mortgages, senior-focused reverse mortgage alternatives, and debt repayment tools. Its institutional services included lending pools and platforms for digital assets. The company's infrastructure supported 168 active collaborators and 27 Figure Connect partners, comprising originators and buyers.
Additionally, Figure created platforms for the trading and administration of blockchain-based assets. Through Democratized Prime and $YLDS, it facilitated the flow of capital into tokenized real-world and digital asset classes. In 2025, Provenance Blockchain ranked highest among public blockchains by volume of real-world financial assets, with Figure holding an approximate 75% share of the tokenized real-world asset market.
Recognition
Figure Technology Solutions earned a spot on Fast Company’s World’s Most Innovative Companies list in both 2024 and 2025. In addition, it was featured on the Forbes Fintech 50 list in 2025 and received an AAA rating from the Better Business Bureau that same year.