SoFi

The challenger bank exceeded analysts' expectations in income, revenue and earnings per share.

The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals to see their data.

Figure Technologies appears to be one of the few companies to find a viable use case for blockchain in the financial industry — cutting down the costs associated with loan origination.

The SoFi co-founder said Figure Technologies is working with national banks to employ its distributed ledger tech for loan originations.

The San Francisco fintech company has agreed to pay a $110,000 fine for failing to comply with a 2017 state law that requires mortgage servicers to be licensed.

Provenance Blockchain, recently spun off from Mike Cagney's Figure Technologies, says it can help lenders trim 70% of mortgage settlement expenses through speedier processing and paperwork reduction.

The digital lender rebranded its mortgage business as SoFi Home Loans about four months after it took a step back from real estate finance to redesign its processes.

Figure, the startup headed by Mike Cagney, uses blockchain technology to provide home equity loans in as little as five days. It intends to use the newly raised funds to offer other services, including wealth management.

Social Finance, the lending and refinancing startup valued at more than $4 billion, is cutting about 7% of its staff, according to a person familiar with the matter.

Online personal lending pioneer Prosper is developing a home equity line of credit product that it will offer in partnership with banks. The embrace of traditional depositories marks a departure from fintech lenders that typically seek to disrupt and displace legacy institutions.