Figure by Former SoFi CEO is Live

Figure Technologies , the startup founded by Mike Cagney, SoFi’s cofounder and former CEO, is live.

Founded in 2018, the San Francisco-based 85-person team has secured $50m in funding and offers a digital platform for home equity loans. The company’s first product is a fixed-interest home equity loan ranging between $15k and $100k, with a five-minute approval time and a five-day window to receive the funding. The company states that it leverages blockchain, AI and analytics to “deliver products to improve the financial lives of customers,” and will use blockchain to record and track information on the loans.

Figure Technologies plans on launching additional products that include an alternative to reverse mortgages and wealth management.