Figure Increases Lending Services with LaaS Platform Expansion

Figure Lending LLC and Figure Technologies announced Wednesday (Nov. 1) an expansion of their partnership business, which includes an increased offering under the Lending-as-a-Service (LaaS) platform.

This expansion comes as Figure’s partnership business has experienced significant growth since the third quarter of 2022.

One of the recent developments from Figure is the launch of a wholesale platform for mid-sized lenders. This platform allows lenders to access Figure’s Home Equity Line of Credit (HELOC) offering, providing them a valuable tool to serve their customers. Figure’s LaaS solution further enhances this offering by providing lenders with access to Figure’s proven HELOC system and product offering.

The LaaS platform expansion follows the successful launch of Figure’s wholesale platform, which has already gained traction in the market. Lenders can now originate HELOCs based on their desired loan terms, pricing parameters, and fulfillment requirements, thanks to Figure’s software-based solution. This enables lenders to originate HELOC loans with speed and ease, managing their funding requirements, risk profile, and resourcing needs through the LaaS platform.

Jackie Frommer, the Head of Lending at Figure, expressed excitement about giving more lenders access to Figure’s lending technology. She attributed Figure’s success to their unique platform, strong product offering, talented team, and the trust they have built with their customers.

Mike Cagney, the co-founder and CEO of Figure, sees the LaaS platform as the first step towards building a robust private capital market on the blockchain. He also mentioned that Figure is working with several top banks to create a consistent and predictable takeout market for assets originated on their platforms. Cagney emphasized that Figure Technologies is a company that is transforming financial services through the power of blockchain technology, aiming to generate real economic value for consumers and institutions.

Figure Technologies, founded in 2018 by Mike Cagney, incubates ambitious businesses across lending, payments, and markets. They utilize blockchain to build solutions that replace legacy trust with equitable truth and support riskless transactions. Cagney previously founded SoFi, where he led the company to become a multi-billion-dollar business.