Apollo Global Management, Inc. (NYSE: APO) (“Apollo” or the “Firm”) and Figure Technologies, Inc. (“Figure” or the “Company”) today announced that affiliates of Apollo and Figure have entered into an agreement to collaborate on a series of blockchain-enabled initiatives.
As part of the agreement and consistent with Apollo’s broader innovation agenda, the Firm has made a strategic decision to work with Figure on practical applications of the Provenance blockchain across the investment lifecycle, through projects such as an on-chain fund listing, asset securitization, and digital marketplaces.
Apollo chose to work with Figure for its focus on and knowledge of financial services. Figure helped develop Provenance, an open-source blockchain technology specifically designed for the finance industry and use across multiple asset classes and markets. The Company provides a range of blockchain-enabled solutions for institutions and individuals, including digital fund services that hold the promise of simplifying fundraising, distribution, and secondary trading for the private fund market.
The collaboration agreement is part of Apollo’s larger strategic focus on fintech innovation, which includes studying, testing, and applying new technologies across its investment platform to best serve the financial return and retirement income needs of a growing global pool of investors.
“We’re highly focused on integrating technologies throughout our platform that can make us better and more efficient across all parts of the investment lifecycle – from capital raising and marketing to investment origination and value creation,” said John Zito, Senior Partner and Deputy CIO of Credit at Apollo. “We are excited to work with Mike and his team at Figure on a number of initiatives using Provenance blockchain technology specifically developed for our industry. This collaboration extends Apollo’s strategy of working with best-in-class fintech firms to seek the operational and cost benefits that blockchain and other technologies can bring to bear.”
“Apollo’s size, scale, and expertise, coupled with Figure’s blockchain applications built on Provenance Blockchain, have the potential to transform financial services. We’re collectively pursuing innovative blockchain solutions in fields such as lending and securitization, payments and exchanges,” said Mike Cagney, co-founder, and CEO of Figure. “Apollo is focused on blockchain disruption, and we couldn’t have asked for a better team to be an early adopter of blockchain technology and to help migrate the broader industry to its use. This collaboration is timely, with the potential to leverage the expertise of the Apollo team as Figure prepares to launch a decentralized blockchain marketplace.”
The strategic collaboration between Apollo and Figure brings together one of the leading alternative investment platforms with a transformative fintech company that seeks to fundamentally improve the financial services industry. Figure, led by Founder and CEO Mike Cagney, has pioneered production solutions across lending and payments in blockchain, including the first securitization on the Provenance blockchain in March 2020.
Innovation is core to Apollo’s growth strategy. In addition to the Figure collaboration, Apollo recently established a strategic partnership with Motive Partners, a specialist private equity firm focused on financial technology investments. Through this partnership, the in-house innovation team Motive Create will work with Apollo on technology innovation across the Firm and for affiliates and portfolio companies. To learn more, visit the Stockholders section of Apollo.com.
Source: Figure Technologies