US-based blockchain technology company Figure Technologies has applied for a national bank charter from the US Office of the Comptroller of the Currency (OCC).

Figure aims to offer a suite of banking products and services across the US after obtaining its national bank charter.

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The company can already originate a loan in a reduced time period, as well as reduced origination costs using blockchain technology.

Currently, Figure is developing a suite of payment and point of sale (POS) financing services built on blockchain.

This is expected to bring cost-efficient financial services to underserved customers.

Figure co-founder and CEO Mike Cagney said: “Figure is pursuing the charter to reduce the complexity of our business – we’ll have over 200 state licenses next year without such a charter.

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“By reducing complexity, we can leverage the technology efficiencies we have to deliver financial solutions to traditionally underserved and underrepresented consumers, driving real financial inclusion.”

Cagney also said that Figure head of lending C.D. Davies will become the CEO of Figure Bank, following the receipt of bank charter from the OCC.

Davies said: “This national bank charter will be instrumental in our efforts to continue to develop and deliver new financial products and services to communities across this country that really haven’t had access to affordable offerings.

“I look forward to working with the OCC as we move forward on this journey.”

Valley Strong EVP Nick Ambrosini said: “This charter will allow Figure to originate loans to a greater number of consumers. As a community-based credit union and strategic partner of Figure, this ultimately benefits Valley Strong and our members.”

Last month, digital personal finance company SoFi won the preliminary approval from the OCC for a national bank charter.

Earlier this year, Varo Money was granted a national bank charter.