Sixth Street, an investment capital company with more than $ 100 billion in management, supported the solutions of the Blockchain lending platform with an investment of $ 200 million.
Figure and Sixth Street revealed the investment in a press release on February 27. The two companies have formed a joint venture in which the financial division based on the assets of Sixth Street will invest $ 200 million in equity. Funding will strengthen the Connect figure, the platform’s private credit credit division, improving its loan creation capacities.
According to Sixth Street, the joint venture will inject more than $ 2 billion in liquidity on the Non Agency Mortgage market per figure. Meanwhile, Figure Technology will take advantage of this investment to evolve its operations.
“This joint venture between figure and Sixth Street puts the figure to connect a trajectory which is ultimately intended to reduce costs for lenders and borrowers, similar to the reduction of borrowing costs with the introduction of TBA in the agency’s mortgage space. It validates the figure that connects as the largest and most liquid, the blockchain -based capital market, “said Todd Stevens, director of capital of the figure.
Launched in June 2024, the Figure Connect platform uses Blockchain technology to offer advantages such as market risk coverage and sales automation. The Figure Connect network works on the Blockchain of the Provenance, which the figure uses to integrate all loans.
As the first initiator of active world active ingredients, the blockchain of the provenance allows partners in the figure to access the discovery of prices through tenders on loans. In December 2023, more than 40% of the volume of transactions in the figure occurred on the blockchain.
Thanks to its partnership with Sixth Street, Figure will operate additional liquidity and will access a programmatic offer “always on” for its assets.
The joint venture will provide liquidity to figure users, with loans for securitization thanks to this collaboration.