JPMorgan Provides $100M Financing Facility for Blockchain Mortgage Platform Figure

Blockchain mortgage platform Figure says it has closed a $100 million financing facility for its mortgage products from investment bank JPMorgan.

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Platform owner Figure Technologies said Wednesday this is the fifth financing facility for its online lending business, which has now closed almost $1.5 billion in total.
Funding partners now include JPMorgan, Jefferies and a number of other Wall Street banks, said the blockchain company.
The facility covers both conforming and jumbo mortgages – loans in excess of the traditional lending restrictions.
“This facility with JPMorgan will help us continue to innovate in the lending space,” said Mike Cagney, CEO of Figure, in a statement.
Figure Technologies reported its mortgage business grew nearly 50% month over month in the fourth quarter of 2020.
The firm uses blockchain tech to issue mortgages and loans at greater speed and reduced cost by automating parts of the process.
CoinDesk reached out to JPMorgan for comment but did not immediately receive a response.

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