Ready Life Teams with Figure Pay on Mortgages

Blockchain lending startup Figure Technologies has partnered with FinTech Ready Life to launch a mobile app that allows customers to get a mortgage without a credit score.

The Ready Pay platform allows customers who pay their rent on time to qualify for a mortgage without reviewing their credit score, according to a Thursday, Nov. 10, press release. The app, which is powered by Figure Technologies’ Figure Pay, will be released to a waiting list of customers.

“For too long, people who consistently pay their rent on time have been locked out of homeownership,” Ready Life CEO Ashley D. Bell said in the statement. “As we make banking and financial services accessible and fair for everyone, we aim to open home ownership to many more people, giving them a chance to realize the American dream and fundamentally changing the way people collect mortgages.”

Launched in September, Figure Pay is a banking-as-a-service (BaaS) solution that includes Visa debit, buy now, pay later (BNPL), and payday advance features. The tool offers two platforms, one focused on banks, and the other on FinTechs, non-banks and merchants.

“With Figure Pay, we were able to develop a solution to what we saw as a gap in banking and payments,” Figure Pay chief executive Tony Morosini said at the time. “Our solution was battle-tested through our own direct-to-consumer banking app Figure Pay, and that experience led us to create what we knew the market needed.”

Weeks after Figure Pay’s debut, Figure Technologies CEO Mike Cagney spoke with PYMNTS’ Karen Webster about the company’s work with Ready Life, which he says uses credit as a basis for establishing strong banking relationships.

Ready Life, he said, “don’t need a mortgage technology platform — they need a capital markets partner who can initiate loans.”

Loans are underwritten using the intelligence of data collected from the borrower’s use of the Ready Life debit card.

As Cagney told Webster, the Ready Life/Figure Technologies collaboration is an illustration of what’s to come: “The ultimate democratization of banking is going to be underpinned by blockchain – and the movement towards decentralized rather than centralized construction .”

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