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Figure Technology Solutions, Inc.
Mike Cagney's Figure Technology Solutions uses blockchain rails to originate and finance home equity loans at scale.
Figure Technology Solutions, Inc.
Figure Technology Solutions, Inc. operates at the intersection of financial technology and asset origination. The firm was founded by Mike Cagney, who previously co-founded SoFi and stepped down in 2017. At Figure, he assembled a team to reimagine loan origination, custody, and secondary trading using the Provenance Blockchain, which the firm incubated. The core product is a home equity line of credit (HELOC) that originates digitally and settles on-chain. The firm originates consumer debt — primarily HELOCs — directly to borrowers before aggregating and selling loans into secondary markets. Strategy spans direct lending, securitization, and technology licensing. Asset classes include residential mortgage credit, consumer loans, and private credit facilities. Figure has originated billions in HELOC volume since inception, using its own digital lending platform. In 2021, the firm announced a partnership with Apollo Global Management to provide up to $1.6 billion in financing facilities for Figure-originated loans (per Bloomberg, 2021). The geographic footprint is concentrated in North America, with originations across multiple US states. Figure employs a technology-first model that compresses loan origination and closing timelines. The firm also operates Figure Pay, a blockchain-native payments subsidiary, and incubated Provenance Blockchain as a standalone entity. In November 2023, Figure Technologies, Inc. spun out its lending business into a new entity, Figure Technology Solutions, with Mike Cagney remaining as CEO (per the firm's official communications, November 2023). Concurrently, Figure Markets launched as a separate entity focused on digital asset trading infrastructure. The structural differentiator is a vertically integrated loan origination and securitization model that uses blockchain for settlement, warehouse lending, and secondary trading. This is not a traditional family office or venture fund — it is a hybrid consumer finance originator and technology platform company that monetizes its own balance sheet and licensing agreements. The spin-out structure separates the lending machine (Figure Technology Solutions) from the capital markets and digital asset arms, creating distinct regulated entities under the broader Figure umbrella.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
—
Corporate office
—
Principals
Mike Cagney
CEO and Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at Figure Technology Solutions?
Mike Cagney is the CEO and co-founder, driving both corporate strategy and product direction. The firm's executive team includes veterans from SoFi, Goldman Sachs, and other fintech and capital markets firms. Lending and credit risk decisions are managed by a dedicated credit committee, while securitization and financing partnerships are overseen by the capital markets team.
How does Figure Technology Solutions source deal flow?
Figure originates loans directly through its digital application platform, reaching consumers via partnerships, mortgage brokers, and direct-to-consumer digital channels. The firm does not rely on traditional branch networks. Its lending engine uses automated underwriting and instant title verification to process home equity applications in minutes.
How is Figure Technology Solutions related to Provenance Blockchain?
Figure originally incubated Provenance Blockchain as an internal distributed ledger for loan origination, custody, and settlement. Provenance was later spun out as an independent blockchain foundation and public network. Figure Technology Solutions remains a major user of the chain for loan registration and secondary trading, but no longer owns or controls the network.
Does Figure Technology Solutions operate as a family office, venture firm, or public company?
Figure is a private venture-backed technology and lending company, not a family office or traditional asset manager. It originates consumer loans on its own balance sheet and through partnering facilities, and also licenses its technology platform to other financial institutions. The firm has raised equity from investors including Ribbit Capital, DST Global, and Apollo Global Management (per Crunchbase and public filings, 2021).
What is Figure Technology Solutions' relationship with Apollo Global Management?
Apollo has provided significant debt financing facilities to support Figure's HELOC origination volume. The relationship spans multiple securitization structures and warehouse lines. Apollo's involvement is as a capital partner purchasing loan portfolios, not as an equity holder or controlling entity.
What happened to Figure's lending business after the November 2023 restructuring?
Figure separated into three distinct entities: Figure Technology Solutions (lending and origination), Figure Markets (digital asset exchange and custody), and an independent Provenance Blockchain. The restructuring aimed to create regulatory clarity and focus each unit on its core market. Mike Cagney remained CEO of Figure Technology Solutions while also overseeing Figure Markets.
What is Figure Pay and how does it connect to the lending business?
Figure Pay is a blockchain-native payments platform that allows users to send and receive digital dollar payments. It acts as an onboarding channel into the Figure ecosystem, with users potentially accessing loan products, savings accounts, and trading services. The linkage between payments and lending is part of the firm's broader strategy to build a full-stack consumer financial platform.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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