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JPMorgan Provides $100M Financing Facility for Blockchain Mortgage Platform Figure
The facility covers both conforming and jumbo mortgages – loans in excess of the traditional lending restrictions.
Blockchain mortgage platform Figure says it has closed a $100 million financing facility for its mortgage products from investment bank JPMorgan.
STORY CONTINUES BELOW
- 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.
Read more: Bank of Russia Wants to Put Mortgage Issuance on a Blockchain
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
