MUFG Innovation Partners invests in Figure
Tucked away in a CoinDesk article last week was the information that MUFG Innovation Partners (MUIP), the corporate venture capital arm of Japan’s megabank, has invested in Figure’s USD 103m Series C round alongside Morgan Creek, which led the round, DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures and The Partners at DST Global. MUIP’s own website has not yet published any information about this investment.
Founded in early 2018, Figure is a financial technology company that provides home equity release solutions and currently has 170 employees with operations in the United States and Asia. Figure has become a FinTech unicorn within just 2 years (the Series C round is valued at USD 1bn+).
The CEO of Figure is Mike Cagney, who was the founder and CEO of one of the largest FinTech companies of all time- SoFi. Figure provides Home Equity Lines of Credit (HELOCs) of up to USD 150,000 to applicants in as little as five days by simplifying the application process using big data and artificial intelligence.
Previously, Figure has raised over USD 160m in Seed and Series A (both in 2018) as well as in an April 2019 Series B round from leading VC investors, including DST, DCM, Ribbit Capital and RPM.
If you found value in this article, please “clap” (up to 50 times).
This article is part of our Tokyo FinTech Publication, please follow us to read more from our writers, like hundreds of readers do every day.
Should you live in Tokyo, or just pass through, please also join our Tokyo FinTech Meetup. In any case, our LinkedIn page, Facebook page and our Instagram account are there for you as well.
