Founded just last year and already in full production with a custom-built blockchain platform called Provenance, Figure is originating over $80 million in home equity lines of credit per month.
Mike Cagney is the co-founder and visionary of both Figure, a consumer finance company, and Provenance, production blockchain for the finance industry. Over $300 trillion moves through global financial markets each year, incurring hundreds of billions of dollars in audit, custody, trustee, reconciliation and administrative costs each year. Many of the markets suffer from significant friction, lack of transparency and limited liquidity. Provenance will dramatically reduce costs, improve liquidity, reduce risk and open new financial markets. Cagney truly blazed the trail by launching the first large, stable and powerful blockchain platform that is already transacting hundreds of millions of dollars of housing loans and proving out the benefits to the finance industry.