Figure announces its Newest Lending-as-a-Service Offering

Launch comes on the back of over $1 billion in Q3 originations
BusinessWireNovember 2, 20235 min

Figure Lending LLC (“Figure Lending”) and Figure Technologies, Inc. (“Figure”), a leader in transforming financial services through the power of blockchain technology, announced it has expanded its Partnership business to include an increased offering under the Lending-as-a-Service (“LaaS”) platform, in addition to the previously launched Wholesale platform.

The expansion of Figure’s LaaS platform represents the next evolution of Figure’s Partnership business, which has almost tripled since Q3 2022, and follows the recently launched Figure wholesale platform, which allows mid-sized lenders to access Figure’s HELOC offering via a traditional wholesale model. Figure’s LaaS solution provides lenders with the ability to leverage Figure’s proven HELOC system and product offering, including Figure’s income verification and lien matching algorithms, and to originate HELOCs based on a lender’s desired loan terms, pricing parameters and fulfillment requirements. By integrating this new software-based solution, lenders can originate HELOC loans for themselves with the speed and ease of Figure’s flagship HELOC product while managing their funding requirements, risk profile, and resourcing needs.

“We are thrilled to give even more lenders access to our cutting edge lending technology via the expansion of the LaaS model, and to have seen over $1 billion in HELOCs originated across all channels of the Figure platform during the third quarter, particularly amidst the volatility and uncertainty across markets,” said Jackie Frommer, Head of Lending at Figure. “This is a testament to our unique platform, strength of our product, and talented team, as well as the trust we’ve been able to garner with our customers. We are excited to continue to build on this momentum and deliver differentiated lending solutions to the market to meet the needs of today’s digital consumer.”

In conjunction with the expansion of its LaaS platform, Figure is pleased to announce that Guaranteed Rate, one of the largest mortgage originators in the country, is the first customer taking advantage of this new offering. “Through Figure’s LaaS model, we are able to create a HELOC offering specifically targeted to the needs of our customers and loan buyers,” said Victor Ciardelli, President and CEO of Guaranteed Rate.

“This LaaS platform is our first step towards building a robust private capital market on the blockchain, as we are also working with several top banks with the goal of creating a consistent and predictable takeout market for assets that are originated on Figure’s platforms,” said Mike Cagney, co-founder and CEO of Figure. “We look forward to continuing to roll out these unique solutions to our customers.”

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