Dechert Advises Figure Technologies on US$1 Billion Blockchain Financing Facility

May 21, 2019

Dechert LLP advised Figure Technologies, Inc. on its closing of a US$1 billion asset-based financing facility custodied on its Provenance.io blockchain. As part of the facility, Jefferies may make periodic advances to Figure under a variable funding note, which is secured by Figure home equity lines. 

Figure is a leading fintech company in both the home equity lending and blockchain space founded by former SoFi CEO Mike Cagney. Provenance.io is the blockchain protocol Figure created to originate, finance and sell its HELOC loans to banks, asset managers and credit funds.  

The Dechert global finance team that advised Figure was led by New York-based global finance partner Ralph R. Mazzeo and included tax partner Will Cejudo and finance associates Paul McAleer and Joe Baker. California-based financial services partner Timothy Spangler advised on matters specific to the innovative use of blockchain technology by Figure, assisted by associate Andrew Schaffer.  

Mr. Mazzeo commented, “We enjoyed supporting the Figure team in this important milestone and look forward to advising them as they take the next step and begin securitizing loans on blockchain. Our strategic legal solutions are particularly effective for innovative clients like Figure that have a variety of sophisticated legal needs in finance, securitization and fintech.”

Dechert has a market-leading practice in advising in all aspects of blockchain and digital assets for a variety of clients, including blockchain infrastructure providers, fintech start-ups and leading investment firms. 

Mr. Spangler leads Dechert’s efforts in this space. He added, “Blockchain technology is currently disrupting many different aspects of traditional finance. It’s been incredibly exciting working with Mike Cagney and the Figure team on Provenance.io to help solve the complex challenges that arise from applying blockchain to highly regulated financial and investment transactions.”

About Dechert
Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.