Global fintech and funding innovation ecosystem

Ex-SoFI CEO’s Startup Closes $1 Billion Credit Line on a Blockchain

Coindesk | Yogita Khatri | May 10, 2019

ex sofi CEO closes 1 billion line of credit - Ex-SoFI CEO’s Startup Closes $1 Billion Credit Line on a BlockchainFigure Technologies, a fintech startup founded by former SoFi CEO Mike Cagney, has closed a $1 billion “uncommitted” line of credit on a blockchain.

Investment bank Jefferies and WSFS Financial Corporation, the parent of WSFS Bank, are the project’s participants, Figure announced Thursday.

As part of the deal, Jefferies may periodically lend to Figure under a variable funding note, which is secured by Figure’s home equity lines. WSFS Financial is acting as trustee for Jefferies.

Lines of credit have a maximum loan amount that can be borrowed as needed, paid back, and borrowed again. Figure’s financing facility is custodied on its own blockchain platform called Provenance, according to the announcement.

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The platform can support “the entire end-to-end financing of loans, from origination to funding to servicing to financing,” said Cagney, adding:

“It paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers.”

Brian McGrath, head of the securitized markets group at Jefferies, commented on using the blockchain:

“We’ve gained full transparency into the underlying assets, real-time access to loan performance and the process of accepting collateral has less friction than off chain.”

If the prospective securitization deal closes, it will become the first asset-backed security transaction with loans originated on a blockchain platform, said WSFS’ senior vice president and director of corporate trust, Kristin Moore.

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