KING OF PRUSSIA, Pa.–(BUSINESS WIRE)–Aug 10, 2021–
Sagent, a fintech software company modernizing mortgage and consumer loan servicing for America’s top banks and lenders, today announced two major strategic deals with digital lending and payments disruptor, Figure. Sagent will power Figure’s mortgage servicing as it aggressively grows mortgage market share, and the firms will partner to accelerate Figure’s transformative 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 – the first in a series of Figure mortgage growth moves – and does a few things:
– Enables banks and lenders to safely manage and quickly grow all types of agency and non-agency servicing, and diversify into non-mortgage loans using the same tech stack.
– Brings scale mortgage assets onto the public Provenance Blockchain, developed by the Figure team, 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 will lead loan servicing modernization by powering borrowers to manage their entire home and loan lifecycle from their phone, and powering servicers to manage every performing and nonperforming loan detail for consumers, regulators, investors, and partners.
Sagent modernizes the lending and homeownership experience for loan servicers and millions of consumers. Servicers use our flexible, scalable, and configurable solutions to engage borrowers and earn customer loyalty, lower servicing costs, ensure compliance, and increase the value of servicing rights throughout full market cycles. Sagent is a joint venture that combines Fiserv Inc.’s decades of market-leading fintech expertise with Warburg Pincus’ skill in growing technology companies. Visit www.sagent.com to learn more.
Figure is transforming financial services through blockchain bringing speed, efficiency and savings to both consumers and institutions. Figure continues to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages Provenance Blockchain for loan origination, servicing, financing, cap table management, and private fund services. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. Learn more at www.figure.com.
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PUB: 08/10/2021 09:00 AM/DISC: 08/10/2021 09:02 AM
Copyright Business Wire 2021.