Figure Equity Solutions is powered by blockchain to bring private companies effortless cap raises and liquidity
SAN FRANCISCO–(BUSINESS WIRE)–Figure Technologies, Inc. (Figure™), a leader in transforming financial services through the power of blockchain technology, unveiled a first-of-its-kind solution that allows private companies to raise, manage, and trade equity on a single platform.
Figure Equity Solutions is a full-stack equity management platform that supports seamless primaries and secondaries with automatic cap table updates pre-and-post-event.
To showcase the technology, the company successfully closed a secondary offering through its SEC-registered trading platform. Shares traded bilaterally, with instant settlement and minimal counterparty risk. The transaction also leveraged USDF, a new bank-backed, digital marker that allows for real-time settlement of securities transactions on the Provenance Blockchain.
“Figure Equity Solutions is the one-stop solution to help startups to raise capital, manage their cap table, and offer a seamlessly integrated platform for secondaries,” said Mike Cagney, Co-Founder and CEO of Figure. “While we are publicly unveiling this platform today, hundreds of companies have already moved their cap table to the platform, some of whom are currently raising capital, and two secondaries have already been completed.”
Early adopters of Figure Equity Solutions have already managed, raised, and traded over $4.7 billion in equity on the platform. The trading platform eliminates the need for intermediaries and unnecessary costs, yielding over 50 percent savings on transaction fees. On average, fees paid for similar secondary transactions is 10 percent (5 percent from the buyer and 5 percent from the seller.)
“Our platform streamlines the user experience by combining capabilities and eliminating the need to go to multiple providers like Intralinks, NASDAQ Private Market and Carta,” said TJ Milani, General Manager of Figure Equity Solutions.
Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to both consumers and institutions. Figure continues to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages Provenance Blockchain for loan origination, servicing, financing and now private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. Learn more about https://www.figure.com.
Figure Technologies, Inc. (Figure™) subsidiary Figure Securities, Inc. is a FINRA member and broker-dealer that operates an SEC-registered Alternative Trading System (ATS) for digital securities custodied on Provenance Blockchain.