Draft:Figure Technology Solutions
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Submission declined on 18 November 2024 by Bobby Cohn (talk).
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This draft has been resubmitted and is currently awaiting re-review. |  |
| Company type | Private |
|---|---|
| Industry | Fintech |
| Founded | January 10, 2018 |
| Founder | Mike Cagney June Ou |
Key people | Mike Cagney Michael Tannenbaum (CEO) |
| Website | figure |
Figure Technology Solutions (FTS) is a financial technology (fintech) company established in 2024 when it's parent company, Figure Technologies Inc, split into two companies. FTS focuses on providing technology-driven lending solutions and tools for the loan origination and capital markets ecosystem[1]. Its flagship product is the Figure Home Equity Line of Credit (HELOC), which offers a digital application process and simplifies the approval and funding processes[2].
History
[edit]Figure Technology Solutions (FTS) is a financial technology company that was established in March 2024 after completing a spin-off from its former parent entity, Figure Technologies, Inc.[1]
Figure Technologies Inc., founded in 2018 by Mike Cagney, former CEO of SoFi, is a financial technology company.[3] The company leverages blockchain technology to streamline and standardize credit, aiming to reduce transaction costs, and enhance accessibility for borrowers and capital markets participants.[1]
In April 2024, Michael Tannenbaum was appointed as Chief Executive Officer of FTS[4]. Prior to his role, he served as Chief Operating Officer at Brex.[5]
Growth
[edit]Figure Technology Solutions is backed by DCM, RPM, 10T, Morgan Creek, Ribbit[2] and has raised over $1.5 billion dollars in funding[6].
In Fall 2024, Figure introduced a piggyback HELOC, which will allow homeowners to reduce upfront costs when purchasing a home.[7][8]
References
[edit]- ^ a b c "New Parent for Figure Lending - Home Equity Lending News". Home Equity Lending News. 2024-03-18. Retrieved 2024-11-18.
- ^ a b Ben-Hutta, Gabriella (2021-05-20). "Figure raises $200 million". Coverager - Insurance news and insights. Retrieved 2024-11-18.
- ^ Baxter, Brian (2024-09-04). "Cagney-Founded Figure, Looking Toward IPO, Hires Legal Chief (1)". www.news.bloomberglaw.com. Retrieved 2024-11-18.
- ^ PYMNTS (2024-04-23). "Figure Names Brex Veteran Michael Tannenbaum as CEO". PYMNTS.com. Retrieved 2024-12-16.
- ^ "Mike Cagney's Figure Technology Taps Tannenbaum as Its New CEO". Bloomberg.com. 2024-04-23. Retrieved 2024-11-18.
- ^ MacColl, Margaux (2024-09-26). "Former Brex COO who now heads unicorn fintech Figure says GPT is already upending the mortgage industry". TechCrunch. Retrieved 2024-12-16.
- ^ Robertson, Colin (2024-10-30). "Figure Launches a Piggyback Second Mortgage". The Truth About Mortgage. Retrieved 2024-11-18.
- ^ "Figure develops Piggyback HELOC to aid homebuyers with upfront costs". www.mpamag.com. Retrieved 2024-12-16.
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