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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. 
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