Figure Technologies Secures $58 Million in Latest Funding Round to Propel Blockchain Innovations

Funding Milestone for Figure Technologies

In a remarkable display of confidence within the fintech sector, Figure Technologies has successfully attracted $58 million in its recent funding round. The total target for this round is set at $103 million, as confirmed in a filing with the United States Securities and Exchange Commission. This funding aims to further enhance the company’s blockchain innovation efforts via its Provenance platform, which focuses on supply chain tracking.

Building on Previous Success

Just a few months back, Figure Technologies raised an impressive $65 million in Series B equity funding, bringing its total equity funding to over $120 million. Both RPM Ventures and DST Global spearheaded this round, joined by key firms including Morgan Creek, Ribbit Capital, and Nimble Ventures.

Meet the Minds Behind Figure

Founded by Mike Cagney, the brain behind SoFi, along with his wife June Ou and ex-CEO of the Thiel Foundation, Alana Ackerson, Figure Technologies is making strides towards enhancing blockchain applications in fintech.

Industry Investment Trends

The fintech realm is buzzing with investment activity. Recent months have seen an array of strategic placements in various projects:

Payment giant PayPal led a $4.2 million funding round for TRM Labs, focused on cryptocurrency risk management.
Decentralized payment processor Radpay secured $1.2 million in seed funding with participation from Resiliency Ventures and BlackLaunch.

Blockchain.com’s Ambitious Lending Strategy

Across the pond, Blockchain.com is gearing up to lend more than $120 million in November, carving out a competitive edge against formidable players like Genesis Global Trading and BlockFi. This lends more credence to the growing appetite for digital asset lending.

Genesis Capital’s Q3 Insights

An eye-opening report from Genesis Capital highlighted a surging demand for both cash and stablecoin lending. Their Q3 analysis unveiled that cash lending now accounts for 31.2% of its active loan portfolio, a significant leap from 23.5% in Q2 and 14.0% at the end of the previous year. This trend suggests an evolving landscape in the realm of digital finance.