Figure Acquisition Corp. I (NYSE:FACA) is a publicly traded special purpose acquisition company. FACA seeks to invest in opportunities where the team can apply their deep knowledge of blockchain, technology, brand and cross sell to meaningfully improve the operating profile and trajectory of a private financial services or fintech company that is ready for the public markets.
Co-Sponsored by Figure Technologies, the leading financial services provider built on Provenance Blockchain technology, and Ellington Management, an $11+ billion public and private asset manager, we are differentiated by our investment thesis, track record and experience, technology and network. Our transaction structure is aligned with both target companies and investors.
We seek to partner with a management team looking to transform their business through some combination of technology, brand and cross sell, but in all cases leveraging Provenance Blockchain to meaningfully impact performance through both revenue growth and operational improvement. We think we can take a good business and make it a powerhouse - the leader in its field. The ideal partner could be B2C or B2B in nearly any financial vertical, with a strong management team that is ready for the public markets.
We have an exceptional track record as investors and operators. Mike Cagney is co-founder of SoFi, Figure and part of the founding team at Provenance blockchain, growing all three entities from startup to unicorn status. Asiff Hirji was President at Coinbase and TD Ameritrade, driving significant value creation across both companies. Mike Vranos has an outstanding investment track record across asset classes, and CD Davies has been CEO of some of the largest bank mortgage companies.
Figure’s technology platform, built on Provenance Blockchain, has demonstrated significant economic value in lending, (origination, financing, sales, securitization), banking, payments, fund administration and capital table management. We bring both blockchain capabilities and deep domain expertise in general technology, brand, cross sell and capital markets to a partner.
We intend to leverage the significant relationships and diverse industry knowledge of our sponsors, management team and board to pursue exceptional opportunities in the financial technology and financial services sector. Our team’s extensive operating, investing, and industry experience is critical in identifying a value accretive transaction. We aren’t looking to be in a SPAC bake off; we want to partner with companies that understand the unique value proposition we bring and understand the impact we can have on their business.
Our incentive structure is aligned with both investors and our acquisition partner. FACA is strategic, and we intend to stay in the acquired company long enough to generate meaningful value. Rather than earning our full promote at acquisition, we earn into our promote based on stock performance. This reduces initial partner dilution while aligning us with long term equity investors.
Leveraging the leaders in financial service platforms with exceptional experience.
Figure, SoFi, Cabezon
Figure, Citibank, Lending Tree
Figure, Coinbase, TD Ameritrade, A16z, TPG
Figure, SoFi, Apollo
Hedge Funds, Investments
Markets, trading, regulatory, legal
Venture, international / asia, blockchain / crypto, financial services, payments
Insurance, consumer credit, capital markets
We are sponsored by Fintech Acquisition LLC, which is an affiliate of Figure Technologies, Inc. (“Figure”.) Figure is a technology company offering financial solutions leveraging blockchain, artificial intelligence, and advanced analytics. Figure serves both individuals and institutions with products spanning lending, banking, payments, asset management, capital table management and fund services. Established in 2018 in San Francisco, California, Figure has raised over $220 million in funding from leading early stage and corporate venture investors including Ribbit Management, DCM, the Partners at DST Global, RPM Ventures, Nimble Ventures and Morgan Creek, among others.
Ellington Management Group, LLC owns a significant economic interest in Fintech Acquisition LLC. Ellington is an $11+ billion alternative and public investment adviser which manages assets across funds and accounts spanning diversified credit, mortgages and related markets.
The $300+ trillion in global financial markets incur hundreds of billions of dollars in audit, custody, trustee, reconciliation and administrative costs each year. Many of these markets further suffer from serious friction, lack of transparency and limited liquidity. These costs and friction result in significant portions of the population left underserved. In 2018, Provenance blockchain was launched to transform financial services. Provenance dramatically reduces costs, improves liquidity, and reduces risk thus opening up new financial opportunities for institutions and consumers. In less than two years post launch, over $3B in consumer lending has been originated, serviced and sold on Provenance; there is a robust community of loan originators and investors; and new fund services and capital table management solutions have been introduced.
Figure, J.P Morgan close $100 million financing facility for jumbo, conforming mortgages
Figure | 2021
The CEO and co-founder of Figure discusses the future of securitization
Research Report | 2020
Figure, SoFi and the Disruption of Finance with Mike Cagney
Rebank: Banking the Future Podcast | 2020
Mike Cagney is right now testing the boundaries of the US banking system
TechCrunch | 2020
Blockchain-Based Lender Figure Technologies Applies for US National Bank Charter
NASDAQ | 2020
Blockchain And Crypto Unicorn Figure Reveals U.S. Bank Ambitions
Forbes | 2020
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