Figure’s Ipo Filing Marks Mike Cagney’s Return To Public Markets

Figure Technology, a seven-year-old blockchain-based lending company, has revenge for an IPO of its Class A communal banal connected Nasdaq, pinch Goldman Sachs, Jefferies, and BofA Securities serving arsenic its lead bookrunners.

The number of shares connected connection and value scope person not yet been determined.

Figure says successful its IPO paperwork that its gross roseate 22.4% to $191 cardinal successful nan six months ended June 30, and that it reported a profit of $29 cardinal successful nan aforesaid period, compared pinch a nonaccomplishment of $13 cardinal a twelvemonth earlier.

The filing offers a chance astatine vindication for Figure co-founder Mike Cagney, who antecedently built SoFi earlier leaving nan individual finance level successful 2017 pursuing intersexual harassment allegations. SoFi went nationalist successful 2021 via a typical intent acquisition institution (SPAC) merger and has done beautiful good arsenic a nationalist institution — its banal is up complete 200% successful nan past year, and its gross roseate 44% successful nan 2nd 4th of 2025.

Since its founding successful 2018 , Figure has established itself arsenic 1 of nan bigger players successful blockchain-based lending, claiming much than 160 partners for its indebtedness origination strategy and superior marketplace. Figure claims to beryllium nan largest non-bank supplier of location equity lines of credit.

The company, which Cagney founded pinch his woman June Ou, uses blockchain exertion done its Provenance blockchain to velocity on approvals for location equity loans, owe refinancing, and student and individual loans.

In May, Figure said it was besides expanding into cryptocurrency lending, signing a financing statement pinch Victory Park Capital for what Figure described arsenic nan industry’s first securitized excavation of crypto-backed loans. That merchandise allows plus owners to get against their Bitcoin and Ethereum holdings pinch loan-to-value ratios up to 75%.

Terms of that woody pinch Victory Park were not disclosed.

Cagney has a history of eager regulatory moves. As TechCrunch reported successful precocious 2020, during nan past days of nan first Trump administration, Figure applied for a U.S. nationalist slope charter that would person fto it judge uninsured deposits exceeding $250,000 from accredited investors while avoiding accepted FDIC and Federal Reserve oversight. The attack could person established a template for different fintech and unit companies to get non-traditional slope charters and connection lucrative financial products while avoiding specified oversight, but Figure withdrew its exertion past twelvemonth amid broader fintech manufacture challenges.

The institution has undergone awesome activity and organizational changes successful nan meantime. In April 2024, Figure appointed Michael Tannenbaum, erstwhile COO of Brex, arsenic CEO. Tannenbaum antecedently worked pinch Cagney arsenic SoFi’s main gross officer.

And successful an different firm maneuver, Cagney spun disconnected Figure Markets successful early 2024, creating a standalone integer plus speech for crypto trading, crypto-backed loans, and stablecoins. But conscionable complete a twelvemonth later, successful July, Figure reversed people and smooshed nan 2 entities backmost together.

The institution says nan strategy positions it to seizure a immense and increasing opportunity successful real-world plus tokenization. (Real-world plus tokenization involves converting accepted assets for illustration mortgages, existent estate, aliases loans — moreover creation — into integer tokens that tin beryllium traded connected blockchain networks. Heavyweight financial players for illustration BlackRock and JPMorgan are among those who person precocious entered nan space.)

It’s worthy noting that this is not Figure’s first effort astatine going public. The institution antecedently planned to database via a merger pinch a SPAC called Figure Acquisition Corp, but nan woody sewage scrapped owed to rising liking rates and redemption rates, among different challenges. The blank cheque institution was later delisted from nan New York Stock Exchange.

Figure, whose backers see Apollo Global Management and Ribbit Capital, besides grounded to complete a planned merger pinch owe lender Homebridge Financial Services successful 2022, citing regulatory delays 10 months aft nan tie-up was announced.

The IPO filing is nary astonishment to manufacture observers. For one, Figure — which past raised $200 cardinal successful 2021 astatine a $3.2 cardinal valuation — announced weeks ago that it had revenge a confidential connection for an IPO. Further, nan timing aligns pinch a increasing activity of crypto-related companies seeking nationalist listings, encouraged by nan wildly successful debut of Circle Internet Group backmost successful June, and nan Trump administration’s full-bodied support for nan cryptocurrency assemblage and related legislation.

Circle’s shares soared much than 500% successful their first 2 weeks connected nan nationalist market. Crypto speech Bullish has added to nan momentum arsenic its shares more than doubled connected its first time of trading past week.

On Friday, nan Winklevoss twins’ crypto speech Gemini revenge for an IPO contempt reporting a $282.5 cardinal nett loss successful nan first half of 2025.