Figure Technologies Applies for US National Bank Charter
Figure Technologies has applied for a national bank charter that would simplify compliance and cut costs for the blockchain-based consumer lending startup.
- Former SoFi executive Mike Cagney’s fintech company is seeking the Office of the Comptroller of the Currency’s approval to offer its home equity loans and financing services across the U.S.
- Currently, Figure has 96 licenses from 49 states, and CEO Cagney says without the national charter it could end up with 200 licenses by next year. Being regulated as a national bank would replace that hodgepodge with a single overseer.
- Figure’s Provenance platform is the tech unicorn’s claim to fame. The company says the blockchain platform is far more efficient at processing loans than traditional mechanisms.
- In March Figure conducted on-chain every step of a $150 million home equity loan securitization.
