Figure
Figure offers home equity lines of credit (HELOCs) that can be secured by borrowing against digital assets.
Website: https://www.figure.com/
HQ: San Francisco, California, United States
Active Markets: Global
Problem Addressed
Individuals seeking loans and lines of credit can benefit from crypto-backed lending products by retaining ownership over their locked collateral. Digital assets may increase in value during this time, allowing recipients to access cash without having to liquidate digital asset holdings.
Project Description
Figure is a financial services provider offering several products including 1) home equity lines of credit for the general public; 2) payment solutions; and 3) a solution for private companies and startups to raise capital, manage equity, and trade shares. Figure’s crypto-backed loans allow digital assets to be put up as collateral for cash access. Crypto loans may be taken out at a minimum of $5,000, up to millions of dollars depending on valuation of cryptoassets. Presently, Figure accepts Ether and Bitcoin as collateral.
Business Data
Status: Active
Constituency Served: General public, primarily in the US; holders of digital assets.
Networks: Bitcoin, Ethereum
Known Investors: DCM Ventures, Digital Currency Group, Ulu Ventures, DST Global, Ribbit Capital, DHVC, JP Morgan, Thomvest Ventures, Fin Capital, TeleSoft Partners, HOF Capital, CreditEase Fintech Investment Fund, Tessera
Progress to date
Figure was founded in 2018, and has since been named in Forbes’ 2021 America’s Best Startup Employers, Growjo’s Fintech 500 Fastest Growing Companies, The Tech Tribune’s 2021 Best Tech Startups, and as Wealthfront’s 2021 Career Launching Company. In March 2024 Figure Lending announced it would be operating under a new umbrella brand, Figure Technology Solutions (FTS), which would continue to expand on their lending solutions.
Business Model
Figure generates revenue through fees and interest on loans.
Traction
As of February 2024, Figure had served over 100,000 households across the United States, with over $9 billion in equity unlocked through their platform.