Figure Technology Solutions Announces Figure Connect to Drive Efficiency and Transparency in Capital Markets

The launch represents an important step towards liquid and tradable private credit

NEW YORK, June 12, 2024–(BUSINESS WIRE)–Figure Technology Solutions (“Figure”), the technology platform streamlining the private lending and real estate markets, today announced the launch of Figure Connect, a unique multi-vendor genre based on blockchain. , a multi-buyer market for private credit loans.

Figure Connect brings Figure’s broad and deep universe of capital markets buyers directly to Figure’s lending partners. With Figure Connect, originators can receive forward commitments from buyers, lock in active offers, control loan pricing to balance profitability and volume, and provision loan pools against these commitments. This functionality is facilitated by common and standardized conditions of sale and documentation. Figure believes its lending partners now have unparalleled control over their businesses through committed liquidity, transparency and informed loan pricing management, all integrated into Figure’s lending ecosystem.

Leveraging the power of Provenance Blockchain, a distributed proof-of-stake blockchain, Figure Connect is designed to improve the efficiency of loan buyers and sellers and reduce an often months-long settlement process into days. Figure Connect helps disintermediate the loan origination process, standardizing key features of loan pools and sales terms, and creating greater pricing certainty before initial loan origination. Ultimately, Figure believes this drives market liquidity by adding funding certainty to loan originators and collateral mix to loan buyers.

“Figure Connect marks another transformative step toward creating the first highly liquid private capital market for loans, as we now offer unique funding certainty to loan originators and standardization to loan buyers,” said Michael Tannenbaum , CEO of Figure.

“Figure Connect replaces existing lending infrastructure and processes, without the burden of multiple intermediaries at the expense of the end user, and lays the foundation for a continuously liquid marketplace,” added Mike Cagney, Executive Chairman of Figure .

Figure Connect’s initial partners include The Loan Store, Movement Mortgage, Bayview Asset Management and Saluda Grade. The Figure Connect Marketplace is now available to all other participants in the Figure lending ecosystem.

“We are delighted to be one of the first partners to gain access to this pioneering marketplace, which we hope will ensure liquidity, optimize pricing and provide unparalleled transparency, significantly benefiting our business . Figure continues to give us more and more reasons to work. with them,” said Phil Shoemaker, president and CEO of The Loan Store.

About Figure Technology Solutions

Figure Technology Solutions (“Figure”) provides a disruptive and scalable technology platform designed to improve efficiency and transparency in financial services. Its platform is used by a large network of loan originators and buyers in the capital markets. Figure is the largest non-bank issuer of home equity lines of credit.¹ With Figure’s HELOC product, consumers can get approved for a loan in just 5 minutes, with financing in as little as five days. The company was founded in 2018 by serial technology entrepreneurs Mike Cagney and June Ou, the visionaries behind SoFi’s successful transformation into a multi-billion dollar company. If you are interested in joining our partnership ecosystem, please visit https://www.figure.com/partner-heloc/ or email [email protected].

¹Exact data from 2022

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