Figure Says Fed Rate Cut Drove 300% Increase in Online Applications for Lending Business

SAN FRANCISCO–([1])–Figure Technologies, Inc.[2], a leader in transforming lending through the power of blockchain technology, announced today it has seen loan applications soar by 300 percent since the Federal Reserve stimulus rate cut, pushing the amount of loans it has funded to over $1 billion.

“The 300 percent increase in applications suggests consumers are eager to take advantage of unprecedented lower rates across mortgages, HELOCs and student loan refinancing. Consumers will benefit through lower debt costs and, for cash-out refi and HELOCs, more cash on hand,” said Mike Cagney, co-founder and CEO of Figure. “I believe this is the fastest a de novo fintech has exceeded $1 billion in funded loans. We couldn’t have supported this type of growth and innovation – like the 5-minute HELOC – without the platform we built on Provenance. Look for even more innovative solutions tied to these lower rates in the near future.”

The surge in applications came on the heels of last week’s Federal Reserve rate cut, a move designed to prop up the U.S. economy in the face of a global economic slump and the coronavirus pandemic sweeping the globe.

Figure says the average size of loans applied for during this lending surge is about $50,000 per household.

Figure became the first financial business in history to bring lending to the blockchain when the company opened its lending business in October 2018. The company’s blockchain platform Provenance processes consumer loans for Figure and a growing number of the world’s premiere lenders. A year after opening for business, Figure was already originating $85 million of loans each month, an unheard of technological and financial accomplishment.

In December 2019, Figure closed a $103 million Series C funding round led by Morgan Creek Digital and joined by MUFG Innovation Partners Co., Ltd and other new and existing investors, bringing the company’s total funding to more than $225 million and the valuation to $1.2 billion.

About Figure

Figure Technologies is transforming the lending experience for consumers through the power of blockchain technology. Figure can take loans from application to funding in days, not the weeks-long process offered traditionally. Currently Figure offers HELOCs, mortgage refinancing and student loan refinancing and plans to continuously expand its portfolio of products. Figure originates, finances, services and sells all of its loans through Provenance, the company’s proprietary blockchain platform that leading financial companies around the world will soon use for loan origination and other functions. The company was founded by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO.

References

  1. ^ (www.businesswire.com)
  2. ^ Figure Technologies, Inc. (cts.businesswire.com)

Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.

Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. Buy@TLDtraders.com | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.

About Us
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.

Share