Figure Technologies, the blockchain-based financial technology company, has raised $200 million in a Series D round led by Morgan Creek’s crypto venture capital arm Morgan Creek Digital Funding and digital asset-focused equity fund 10T Holdings.
It has been reported that the company has secured major funding for its mission to improve the financial services industry with the Provenance blockchain.
However, featuring other existing investors like Digital Currency Group, the new funding brings Figure’s valuation to $3.2 billion.
Mike Cagney, the co-founder of Figure, said that the new funding will help the company close new deals for its lending operations, build out its payments tool Figure Pay and seek a national bank charter from the United States Office of the Comptroller of the Currency.
“We want to see Provenance supplant Ethereum,” Figure Technologies co-founder Mike Cagney said. https://t.co/mcwyVjFp4i — Cointelegraph (@Cointelegraph) May 21, 2021
The report said that Figure is expanding its board of directors with executives from lead investors including Morgan Creek general partner Sachin Jaitly and 10T co-founder Stan Mironshik.
Dan Tapiero, the general partner of 10T, said:
“Figure is building next-generation lending, trading, and settlement infrastructure for the Digital Asset Ecosystem.”
The news comes shortly after Figure rolled out a new public, open-source, decentralized, proof-of-stake blockchain last Wednesday.
Thus, the new decentralized Provenance replaces the prior permissioned Provenance blockchain launched in 2018.