The Block: Figure raises $200 million Series D, raising its valuation to $3.2 billion

Blockchain-based lending firm Figure Technologies has raised $200 million in a Series D funding round, pushing its valuation to $3.2 billion.

The round was co-led by 10T Holdings and Morgan Creek Digital. Other investors included Digital Currency Group, Ribbit Capital, DCM and DST Global.

Founded in 2018 by former SoFi founder Mike Cagney, Figure provides financial services, including loans and mortgage refinance, using its own blockchain called Provenance.

"Figure is building next-generation lending, trading, and settlement infrastructure," said Dan Tapiero, general partner of 10T Holdings. "The speed, transparency, finality, and cost-efficiency of Provenance blockchain will be an improvement to the systems and framework that exist in the traditional financial world."

Figure also applied for a U.S. banking charter last year through the Office of the Comptroller of the Currency. The application has yet to receive approval.

In December 2019, the firm raised $103 million in Series C funding at a post-money valuation of $1.2 billion.

The Series D brings Figure's total funding to date to over $425 million. Additionally, 10T Holdings' co-founder and partner Stan Mironshik and Morgan Creek's general partner Sachin Jaitly have joined Figure's board.