Mike Cagney’s Figure Inks Two Deals With Fintech Software Provider Sagent

Fintech software company Sagent, which modernizes mortgage and consumer loan servicing for American financial institutions, today announced two major strategic deals with digital lending and payments firm Figure. Sagent will power Figure’s mortgage servicing services, and the firms will partner to accelerate Figure’s blockchain vision.

“Together, we will reinvent the consumer mortgage servicing experience with Figure’s innovation speed and Sagent’s servicing depth,” said Figure co-founder and CEO Mike Cagney. “We’ll also begin bringing scale mortgage assets onto the Provenance Blockchain to reduce mortgage industry costs by up to 100 basis points from origination through securitization.”

The deal follows Figure’s $200m series D fundraise and announced merger with $25 billion/year mortgage originator Homebridge. That deal combines Figure’s mortgage and non-mortgage consumer experience with Sagent’s core servicing and default servicing platforms. It also enables banks and lenders to safely manage and grow all types of agency and non-agency servicing, and diversify into non-mortgage loans using the same tech stack.

The union brings scale mortgage assets onto Figure’s public Provenance Blockchain, which Cagney says will double fulfillment capacity for Figure-owned mortgage operations.

“Partnering with Figure not only adds a hyper-growth mortgage player as a Sagent customer, it also lets Sagent innovate faster than ever for all customers on our three major performing, non-performing, and consumer platforms,” said Sagent CEO and president Dan Sogorka. “Sagent is the only major industry platform prioritizing modernization over margins, and this deal rapidly accelerates our execution on rewiring banks and lenders for the agility and speed required in the fintech age.”

Sagent and Figure said the developments will allow their borrowers to manage their entire home and loan lifecycle from their phone, while also allowing servicers to manage every performing and nonperforming loan detail for consumers, regulators, investors, and partners.

Sponsored Links by DQ Promote



Send this to a friend