Figure, a credit provider for home improvements, has reportedly raised $50m in funding.
The round was led by DST Ventures and Ribbit Capital, with participation also coming from Mithril Capital Management, according to a report by Bloomberg which cites people familiar with the matter.
San Francisco-based Figure provides borrowers with credit lines for home improvements, and home buy-lease back offerings for retirement. The company uses blockchain, AI and advanced analytics to reach new access points for consumer credit products.
It is also developing a blockchain protocol to handle origination, custody, trading and securitisation of whole loans and other assets, according to the company’s website.
The platform is yet to launch, but is looking to start lending during the third quarter, it said.
Figure has reached agreements with two global banks to finance loans and a selection of firms have approved to purchase them, the article states.
Ribbit Capital is very active in the FinTech market, with this being its sixth investment for the year so far. Last month, the firm contributed to the $50m Series C funding round of mobile-based credit provider Tala.
Other recent investments from Ribbit include Root Insurance’s $51m Series C, Coalition’s $10m Series A and ForUsAll’s $21m funding round.
The firm was looking to raise $300m for its fourth vehicle, last year, but it is unclear if the vehicle has closed.
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