(Note: Former SoFi CEO Michael Cagney created this SPAC, sponsored by an affiliate of his company, Figure Technologies, which has a technology platform built on Provenance blockchain.)

We intend to concentrate our efforts on businesses in the financial technology and financial services sector. including, but not limited to, services and technology businesses that provide support to the financial services sector. 

We seek to acquire a business that has already achieved significant scale but can benefit from leveraging Figure’s technology platform built on Provenance blockchain (the “Figure Provenance Platform”).

Provenance blockchain is a blockchain with demonstrated value optimizing asset origination, asset financing, asset sales, securitization, investment fund services, banking, and payments. In the context of securitization, the Figure Provenance Platform and Provenance blockchain supported the first securitization backed by loans originated, serviced, financed, and sold entirely on the blockchain. The aggregate benefit to all parties of this securitization (e.g., originator, sponsor, servicer, loan buyer) totaled over 100 basis points in reduced costs, representing potential savings of over $30 billion to the $3 trillion annual securitization market. 

(Note: Figure Acquisition Corp. I priced it SPAC IPO on Feb. 18, 2021, according to the terms in its prospectus: 25 million units at $10 each to raise $250 million.)