Figure Technologies CEO and co-founder Mike Cagney never intended to build a mortgage lending company. Upon leaving SoFi, Cagney and the founding team at Figure were laser-focused on applying blockchain technology to financial services.
But now, with proof of concept cleared and a large war chest, he intends to buy a mortgage lender to achieve scale. He might even buy a few of them.
Here’s HousingWire’s exclusive story on how Figure intends to revolutionize the mortgage industry with blockchain technology, and the challenges they are yet to face.
First mover advantage
When Cagney and his team founded Figure in 2018, they quickly ran into challenges – the early versions of blockchain weren’t built in a way that could scale and cost effectively deliver value to the financial services ecosystem. With input from technologist Blake Masters, COO at Thiel Capital, they built a new blockchain technology for lending.