Miniatures technologies, who works in blockchain-based financial technology transformations, worked with JP Morgan and closed a $ 100 million financing facility to help with compliant and jumbo mortgages, according to a Press release.
This will be Figure’s fifth online finance facility, in which the company has closed nearly $ 1.5 billion, in partnership with numerous banks and facilities, including Jefferies.
With this facility, Figure will focus on fueling mortgage lending growth, which climbed nearly 50% month-over-month in the fourth quarter.
“This facility with JP Morgan will help us continue to innovate in the lending area,” said Mike Cagney, CEO and co-founder of Figure, according to the statement. “We hope to continue our momentum of 2020, both in volume and by bringing blockchain to the mortgage market. “
Cagney also said PYMNTS in November on the Figure project to work on payments. Figure Pay, he said, will be able to integrate blockchain payments to help businesses use QR codes at checkout. The company is working to expand its network to businesses like Walmart as well as local farmers’ markets.
According to Cagney, Figure Pay is not built on top of a traditional bank, but rather is a “blockchain rail and digital wallet,” which he says is more efficient. It will be interoperable with other accounts and payment methods, with blockchain-based transactions only existing between two parties, even without an exchange, where many parties will collect a portion of the fees.
The company will continue to study a national banking charter, as Cagney said, which has become the obvious path with the company’s introduction into apps, blockchain, and payment rails.
Mortgage payments, like many other types of payments, were hit during the pandemic as people lost so many ways to make money. PYMNTS The reported chaos could eventually begin once payments are restored, and buyers will be looking to refinance and retool their mortgages because of it.