MUFG Innovation Partners invested in Figure Technologies, Inc.
MUFG Innovation Partners invested in Figure Technologies, Inc. (Figure TM) – a leader in transforming the lending experience through the power of blockchain technology
December 6, 2019 –MUFG Innovation Partners Co., Ltd. (MUIP), a corporate venture capital fund and a wholly owned subsidiary of MUFG, the leading global financial group of Japan, recently invested in Figure Technologies, Inc. (below: Figure) – a leader in transforming the lending experience though the power of blockchain technology
Figure’s flagship product is Figure Home Equity Line, a fixed-rate line of credit that provides approval in as little as five minutes and funding in five days — all online. It allows consumers to borrow against the equity in their homes without the paperwork-intensive, 45-day process traditional lenders require. Figure also began offering student loan refinance and mortgage refinance products. The company has originated over $700 million in loans.
At the heart of Figure’s lending products is Provenance, a distributed stakeholder blockchain, that was unveiled in 2018. Provenance was spun out of Figure at launch and operates as a decentralized blockchain today. The company leverages the security, efficiencies and cost advantages of blockchain for loan origination, financing and sales, and there are a diverse set of funds, banks and dealers active on Provenance today. While Figure was the first loan originator on Provenance, Caliber is now using Provenance, with multiple additional originators currently being onboarded.
Through the investment, MUIP supports Figure’s business growth and international expansion through strategic alliances among Figure and MUFG financial group.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english