Figure Reveals New Lending-as-a-Service Offering

Figure Lending LLC and Figure Technologies, Inc. revealed its Partnership business expansion which will include an increased offering under the Lending-as-a-Service (“LaaS”) platform, in addition to the previously launched Wholesale platform.

Serial technology entrepreneur Mike Cagney founded Figure in 2018 to transform financial services with the proven power of blockchain technology. The company nurtures ambitious ventures in lending, payments, and markets. Furthermore, it employs blockchain technology to create solutions that replace traditional trust with fair and transparent practices, ensuring secure transactions. Figure is a major provider of real-world assets to blockchain, utilizing the Provenance Blockchain for various purposes. These include loan processing, financing, managing private company stocks, fund registry, blockchain marketplaces, and payments.

Mike Cagney, co-founder and CEO of Figure, commented:

“This LaaS platform is our first step towards building a robust private capital market on the blockchain, as we are also working with several top banks with the goal of creating a consistent and predictable takeout market for assets that are originated on Figure’s platforms. We look forward to continuing to roll out these unique solutions to our customers.”

Figure’s LaaS platform expansion marks the next step in the evolution of its Partnership business, which has nearly tripled since Q3 2022. This expansion follows the launch of Figure’s wholesale platform, enabling mid-sized lenders to access Figure’s HELOC offering through a traditional wholesale model. Furthermore, with Figure’s Lending-as-a-Service solution, lenders can utilize Figure’s established HELOC system and products. This includes income verification and lien matching algorithms. Lenders can originate HELOCs tailored to their loan terms, pricing, and fulfillment needs, managing their funding and risk efficiently. Moreover, this software-based solution allows lenders to originate HELOC loans swiftly and easily, akin to Figure’s flagship HELOC product.

Jackie Frommer, Head of Lending at Figure, said in a statement:

“We are thrilled to give even more lenders access to our cutting edge lending technology via the expansion of the LaaS model, and to have seen over $1 billion in HELOCs originated across all channels of the Figure platform during the third quarter, particularly amidst the volatility and uncertainty across today’s markets. This is a testament to our unique platform, strength of our product, and talented team, as well as the trust we’ve been able to garner with our customers. We are excited to continue to build on this momentum and deliver differentiated lending solutions to the market to meet the needs of today’s digital consumer.”