The alt lender has since expanded the use of blockchain to other products, including a mortgage refinance option and an asset management platform, and plans to launch a small-dollar installment-loan offering in January. However, these products require licensing in each state Figure operates in, making it costly and difficult to expand.
Currently, Figure has to comply with 96 licenses from 49 states to operate its business, which could rise to 200 by next year, co-founder and CEO Mike Cagney. By contrast, a national bank charter would enable Figure to offer its products nationwide while focusing on the requirements of a single regulator, simplifying its compliance efforts.
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