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JPMorgan Provides $100M Financing Facility for Blockchain Mortgage Platform Figure
The facility covers both conforming and jumbo mortgages – loans in excess of the traditional lending restrictions.
Updated May 9, 2023, 3:14 a.m. Published Jan 15, 2021, 11:40 a.m.
Blockchain mortgage platform Figure says it has closed a $100 million financing facility for its mortgage products from investment bank JPMorgan.
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- Platform owner Figure Technologies said Wednesday this is the fifth financing facility for its online lending business, which has now closed almost $1.5 billion in total.
- Funding partners now include JPMorgan, Jefferies and a number of other Wall Street banks, said the blockchain company.
- The facility covers both conforming and jumbo mortgages – loans in excess of the traditional lending restrictions.
- “This facility with JPMorgan will help us continue to innovate in the lending space,” said Mike Cagney, CEO of Figure, in a statement.
- Figure Technologies reported its mortgage business grew nearly 50% month over month in the fourth quarter of 2020.
- The firm uses blockchain tech to issue mortgages and loans at greater speed and reduced cost by automating parts of the process.
- CoinDesk reached out to JPMorgan for comment but did not immediately receive a response.
Read more: Bank of Russia Wants to Put Mortgage Issuance on a Blockchain
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