Figure raises $200 mn in Series D funding, reaches $3.2 bn valuation

By Pavithra R

Figure Technologies, transforming financial services through the power of blockchain technology, has announced closing its Series D fundraise of $200 mn at a $3.2 bn valuation.

The finance round saw participation from new investors including entities and funds managed and/or advised by affiliates of Apollo Global Management, Blockchain.com, Rockaway Blockchain, HOF Capital, Endeavour Capital, National Bank Holdings, Goldentree Asset Management and L1 Digital.

“This investment is going to give us the resources we need to further fuel our mission of leveraging blockchain to reinvent the financial services industry. We’re thrilled to be backed by these top-tier institutions and our recently announced collaboration with Apollo will be an invaluable addition as we expand our business further,” said Mike Cagney, Co-Founder and CEO of Figure.

Earlier this month, Apollo a high-growth, global alternative asset manager, announced its affiliates had entered into an agreement to collaborate with Figure on blockchain-related initiatives. Apollo chose to work with Figure for its focus on and knowledge of financial services. Figure provides a range of blockchain-enabled solutions for institutions and individuals, including digital fund services that hold the promise of simplifying fundraising, distribution, and secondary trading for the private fund market.

“We are excited to work with Mike and his team at Figure on a number of initiatives using Provenance blockchain technology specifically developed for our industry. This collaboration extends Apollo’s strategy of working with best-in-class fintech firms to seek the operational and cost benefits that blockchain and other technologies can bring to bear,” said Apollo Senior Partner and Deputy CIO of Credit John Zito.

Founded in 2018, Figure is a web-based platform that manages digital assets and can be used for completing financial and investment transactions. Its mission is to build products that offer unprecedented speed and ease, powered by blockchain technology. The firm is using Provenance, a public, open source, permissionless, decentralized blockchain, for its digital asset marketplaces including home lending, capital table management, fund management and administration, banking and payments.