Quick take:
The crypto lender currently offers home improvement loans, business loans and debt consolidation services.
It also allows crypto investors to use the digital assets as collateral for loans.
This investment expands Sixth Street’s presence in fintech after backing consumer lending platform Affirm in a $4 billion deal in December.
Figure Lending, a fintech platform that offers credit solutions to both traditional and crypto investors, has received a $200 million investment from U.S. investment management firm Sixth Street.
Wall Street Journal reported on Thursday that the investment will allow Figure to issue up to $2 billion in loans and expand to other lending markets. On the other hand, the investment expands Sixth Street’s digital assets presence after backing consumer lending platform Affirm’s $4 billion deal in December.
Started by former SoFi Chief Executive Mike Cagney, Figure mostly offers automated home improvement loans, business loans and debt consolidation services. It also allows crypto investors to use the digital assets as collateral for loans.
According to information on its website, the platform claims to have served more than 100,000 households in over 47 US states.
This investment comes at a time when the crypto market is on a short-term bearish run following Trump’s announcement of trade tariffs for Canada, China, Mexico and most recently the EU.
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