Figure Technology, a seven-year-old blockchain-based lending company, has initiated plans to go public with an IPO on Nasdaq, engaging Goldman Sachs, Jefferies, and BofA Securities as lead bookrunners. The specific number of shares and price range are yet to be disclosed.
According to their IPO documents, Figure reported a revenue increase of 22.4%, reaching $191 million in the first half of the year ending June 30. They also recorded a profit of $29 million, contrasting with a $13 million loss from the previous year. This move marks a potential redemption for co-founder Mike Cagney, who left SoFi in 2017 amid sexual harassment claims. SoFi, which went public in 2021 through a SPAC merger, has seen success with a stock price increase over 200% in the past year and a 44% revenue growth in Q2 2025.
Founded in 2018, Figure has become a significant entity in blockchain-based lending, boasting over 160 partners for its loan origination system and capital marketplace. It is reportedly the largest non-bank provider of home equity lines of credit. Founded by Cagney and his wife, June Ou, the company utilizes blockchain technology via its Provenance blockchain to expedite approvals for home equity loans, mortgage refinancing, and student and personal loans.
In May, Figure extended its focus to cryptocurrency lending by signing a financing deal with Victory Park Capital for the industry’s first securitized pool of crypto-backed loans, allowing borrowers to leverage Bitcoin and Ethereum holdings.
Cagney’s strategic regulatory pursuits have been notable. As reported by TechCrunch in late 2020, during the Trump administration’s final days, Figure applied for a U.S. national bank charter to accept uninsured deposits from accredited investors, bypassing traditional FDIC and Federal Reserve oversight. This bid was retracted last year amid broader fintech challenges.
The company has witnessed considerable changes recently. In April 2024, Michael Tannenbaum, former COO of Brex, was appointed CEO. Tannenbaum has prior experience with Cagney from his time as SoFi’s chief revenue officer.
In an unusual move, Figure Markets was spun off in early 2024 to create a standalone digital asset exchange, but was re-integrated with Figure the following year in July. The company believes this consolidation will help capture a growing opportunity in the real-world asset tokenization sector, a field seeing entry from major financial institutions like BlackRock and JPMorgan.
Notably, this isn’t Figure’s first attempt to go public. A previous plan to merge with a SPAC named Figure Acquisition Corp was aborted due to rising interest rates and redemption issues, resulting in the SPAC’s delisting. Figure also withdrew from a planned merger with Homebridge Financial Services in 2022 due to regulatory holdups.
The IPO filing seems timely as many crypto firms pursue public listings, like Circle Internet Group whose recent IPO was wildly successful. Figure, valued at $3.2 billion after raising $200 million in 2021, had announced confidential IPO filing weeks earlier. Crypto exchange Bullish and Gemini’s IPO filing further underline this trend, even amid Gemini’s reported $282.5 million net loss in H1 2025.