Partnership will integrate Figure's secondary marketplace on the Provenance blockchain with +SUBSCRIBE's leading order management system and electronic subscription document technology
Launch of +SUBSCRIBE Passport offers institutional investors, fund managers, and industry service providers with a powerful decentralized finance investor identity
NEW YORK, NY / ACCESSWIRE / November 10, 2021 / +SUBSCRIBE®, the leading order management system and electronic subscription document technology for alternative product transactions, today announced a strategic partnership with Figure Technologies, Inc. ("Figure"), a leading financial technology company that leverages blockchain technology to empower decentralized finance (DeFi), to launch the +SUBSCRIBE Passport, an industry standard and compliant smart subscription platform and universal investor identity that empowers private funds to quickly issue digital interests to their limited partners on Provenance. The new technology delivers a seamless on-ramp to the blockchain for the industry's largest investors and fund managers, ushering in a new DeFi era for alternative investments. As part of the partnership Figure will make a strategic investment in the company.
The +SUBSCRIBE Passport is a universal investor identity that allows investors to onboard into private funds across both the traditional and DeFi fund administration infrastructures. Institutional investors are able to invest in Provenance blockchain administered alternative investment funds using the Passport and thereby benefit from a portable and reusable data set of their investor information, real-time investor verification and subscription status tracking, and an embedded secondary market allowing for liquidity of their private fund interests.
The DeFi Smart Subscription Platform will allow institutional investors that invest in private equity, private credit, real estate, venture capital, co-invests, and hedge funds to completely digitize - eliminating the archaic manual, error-prone, and paper-based fund subscription process - and benefit from the efficiencies offered by blockchain technology. The seamless system-to-system integration maintains the industry's current standard process for investor onboarding to private funds and thus requires no additional effort on the part of the investor.
"Provenance is an emerging example of how blockchain technology can disrupt financial services in real-time," said Rafay Farooqui, CEO of +SUBSCRIBE. "While most firms are stuck in the exploratory phase, the blockchain-based infrastructure behind DeFi is maturing at an accelerating rate. Together, +SUBSCRIBE and Figure are moving the ball forward for the largest alternative fund managers with our institutional-grade on ramp to the future of financial services."
+SUBSCRIBE's industry standard electronic subscription document technology is used by more than 5,000 institutional investors, 1,200 fund managers, and over 300 service providers, including the leading fund formation law firms, fund administrators, and asset custodians, across the globe.
"Our partnership with +SUBSCRIBE will accelerate the adoption of blockchain in the private funds industry," added Figure CEO Mike Cagney. "Bilateral trading of digital fund interests in a liquid secondary market will be transformative for private funds. Partnering with +SUBSCRIBE, the leading order management system for institutional fund managers, allows us to offer the first turnkey solution to seamlessly deliver traditional and digital fund interests side by side, driving third party adoption of Provenance at scale."
Figure helped develop Provenance, an open source blockchain technology specifically designed for use across multiple asset classes and markets in the financial industry. 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. In July 2021, Figure and Apollo Global Management announced a partnership to issue funds on the Provenance blockchain.
About +SUBSCRIBE
+SUBSCRIBE is a provider of enterprise software solutions for allocators, sponsors, and service providers that enable the digital transformation of the alternative investments industry. The company is the leading order management system and electronic subscription document technology for alternative product transactions.
For additional information on how +SUBSCRIBE is Powering Alternative Investments®, visit www.subscribeplatform.com and follow the company on LinkedIn and Twitter.
About Figure
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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SOURCE: SUBSCRIBE
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