Figure Announces New Round of Funding, Plans for Expansion

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American Banker reports that Mike Cagney’s new company Figure plans to announce a $65 million funding round today; the round was led by RPM Ventures and partners at DST Global; the company has now raised $120 million and is valued at around $365 million; Figure made its first loan last year and has now provided 1,500 home equity lines of credit across 36 states; they are lending over $1.5 million per day and Cagney shared they intend to double that every few months; Figure is currently working on adding additional products including wealth management, checking accounts and other lending products. Source