Jump to content

Figure Technology Solutions

Add links
From Simple English Wikipedia, the free encyclopedia

Figure Technology Solutions (FTS) is a financial technology company that was established in 2024 when its parent company, Figure Technologies Inc., split into two separate companies. FTS focuses on technology-driven lending solutions and tools for the loan and capital markets. One of its key products is the Figure Home Equity Line of Credit (HELOC), which enables users to apply online and simplifies the approval and funding processes.[1][2][3][4]

Figure Technology Solutions (FTS)
Company typePrivate
IndustryFinancial technology (Fintech)
Founded2024, March
FounderMike Cagney, June Ou
HeadquartersCharlotte, NC, U.S.
Key people
Mike Cagney, Michael Tannenbaum (CEO)
Websitehttps://www.figure.com/

History

[change | change source]

FTS is a financial technology company that was established in March 2024. It became an independent company after separating from its previous parent company, Figure Technologies Inc., which was founded in 2018 by Mike Cagney, a former CEO of SoFi, a financial services company. Figure Technologies focuses on using blockchain technology, a type of digital ledger, to simplify and enhance credit processes. The company's goal is to improve access to loans for borrowers and to make transactions more efficient for those in capital markets. Both FTS and Figure Technologies aim to improve financial services for a wider audience..[5][6][7][8][9]

In April 2024, Michael Tannenbaum was appointed as the Chief Executive Officer of Figure Technology Solutions (FTS). Prior to this role, he served as the Chief Operating Officer at Brex.[10][11][12] FTS was ranked among the top 25 global companies in the 2024 IDC FinTech Rankings Program, which recognizes it as one of the leading companies in the financial technology (FinTech) industry.[13][14]

Company Growth

[change | change source]

Figure Technology Solutions (FTS) has received support from various investors, including DCM, RPM, 10T, Morgan Creek, and Ribbit. The company has raised over $1.5 billion in funding.[5][15]

In the fall of 2024, Figure Technology Solutions (FTS) introduced a piggyback Home Equity Line of Credit (HELOC). This product is designed to help homeowners reduce their upfront costs when purchasing a home.[16][17]

Figure Technology Solutions (FTS) and Sixth Street have announced a new partnership. Sixth Street's Asset Based Finance platform will invest $200 million in this partnership. This investment is notable because it can be reused for future projects, which will help provide additional funding for FTS's private credit loans. FTS is a technology company that creates a marketplace for financial products using blockchain technology.[18][4][19]

Awards and recognition

[change | change source]

• Figure Technology Solutions (FTS) was recognized as the best Home Equity Line of Credit (HELOC) provider in 2024 for its fast approval process. This award was presented by Money.com, a financial website that reviews and compares various financial products.[14]

• Figure Technology Solutions (FTS) was named one of the Most Innovative Companies in 2024 by Fast Company in the areas of Blockchain, Cryptocurrency, Metaverse, and Web3. This recognition emphasizes FTS's creativity and innovative approach in these rapidly growing fields.[20][21]

References

[change | change source]
  1. ↑ "Figure Technology Solutions Launches Figure Connect - ABF Journal". 2024-06-13. Retrieved 2025-03-24.
  2. ↑ "New Parent for Figure Lending - Home Equity Lending News". Home Equity Lending News -. 2024-03-18. Retrieved 2025-03-24.
  3. ↑ Ben-Hutta, Shefi (2020-08-18). "Home Point to offer digital HELOCs through Figure". Coverager - Insurance news and insights. Retrieved 2025-03-24.
  4. ↑ 4.0 4.1 Ben-Hutta, Gabriella (2021-05-20). "Figure raises $200 million". Coverager - Insurance news and insights. Retrieved 2025-03-24.
  5. ↑ 5.0 5.1 MacColl, Margaux (2024-09-26). "Former Brex COO who now heads unicorn fintech Figure says GPT is already upending the mortgage industry". TechCrunch. Retrieved 2025-03-24.
  6. ↑ Nunes, Flávia Furlan. "Figure Technology Solutions takes another step to become public". HousingWire. Retrieved 2025-03-24.
  7. ↑ "Worldbuilding In Mortgage Land". nationalmortgageprofessional.com. 2025-02-21. Retrieved 2025-03-24.
  8. ↑ Baxter, Brian. "Cagney-Founded Figure, Looking Toward IPO, Hires Legal Chief (1)". bloomberglaw. Retrieved 2024-09-04.
  9. ↑ "New Parent for Figure Lending - Home Equity Lending News". Home Equity Lending News. 2024-03-18. Retrieved 2025-03-24.
  10. ↑ "Figure Technology Solutions Names Michael Tannenbaum New CEO". nationalmortgageprofessional.com. 2024-04-23. Retrieved 2025-03-24.
  11. ↑ PYMNTS (2024-04-23). "Figure Names Brex Veteran Michael Tannenbaum as CEO". PYMNTS.com. Retrieved 2025-03-24.
  12. ↑ Doherty, Ketherine. "Mike Cagney's Figure Technology Taps Tannenbaum as Its New CEO". bloomberg. Retrieved 2024-04-23.
  13. ↑ "Ranking of Largest Fintech Companies in 2024 [Full List]". CFTE. Retrieved 2025-03-24.
  14. ↑ 14.0 14.1 Team, Data (2025-02-12). "Empowering Figure Technologies' Fintech Innovation". CoreLogic®. Retrieved 2025-03-24.
  15. ↑ May 2021, 24th (2021-05-24). "Figure Technologies raises $200 million to reach $3.2 billion valuation". www.fintechfutures.com. Retrieved 2025-03-24.{{cite web}}: CS1 maint: numeric names: authors list (link)
  16. ↑ "Figure develops Piggyback HELOC to aid homebuyers with upfront costs". www.mpamag.com. Retrieved 2025-03-24.
  17. ↑ Robertson, Colin (2024-10-30). "Figure Launches a Piggyback Second Mortgage". The Truth About Mortgage. Retrieved 2025-03-24.
  18. ↑ "Figure Technology Solutions and Sixth Street Form Joint Venture to Bring Over $2 Billion of Liquidity and Through-The-Cycle Stability to Non-Agency Mortgage Market". finance.yahoo. Retrieved 2025-02-27.
  19. ↑ Tokenizer, The (2025-02-28). "Figure Technology Solutions and Sixth Street Form Joint Venture to Bring Over $2 Billion of Liquidity and Through-The-Cycle Stability to Non-Agency Mortgage Market". The Tokenizer. Retrieved 2025-03-24.
  20. ↑ Lin, Connie (2024-03-19). "The most innovative blockchain, crypto, metaverse, and Web3 companies of 2024". Fast Company. Retrieved 2025-03-24.
  21. ↑ Harris, Ainsley (2025-03-18). "The most innovative companies in finance and personal finance for 2025". Fast Company. Retrieved 2025-03-24.
Retrieved from "https://simple.wikipedia.org/w/index.php?title=Figure_Technology_Solutions&oldid=10151339"