Figure Technology, a seven-year-old blockchain-based lending company, has filed for an initial public offering of its Class A common stock on the Nasdaq. The lead bookrunners for the IPO are Goldman Sachs, Jefferies, and BofA Securities. The specific number of shares and the price range for the offering have not yet been determined.
According to its IPO paperwork, Figure’s revenue increased by 22.4% to $191 million for the six-month period ending June 30. The company also reported a profit of $29 million during that same timeframe, a significant improvement compared to the $13 million loss it reported a year earlier.
This filing represents a potential vindication for Figure’s co-founder, Mike Cagney. He previously built the personal finance platform SoFi before departing in 2017 following allegations of sexual harassment. SoFi eventually went public in 2021 through a SPAC merger and has performed well as a public company, with its stock up over 200% in the past year and revenue growing 44% in the second quarter of 2025.
Since its founding in 2018, Figure has become a major player in blockchain-based lending. The company claims to have over 160 partners for its loan origination system and capital marketplace, and it states it is the largest non-bank provider of home equity lines of credit. Figure was co-founded by Mike Cagney and his wife, June Ou.
The company utilizes its proprietary Provenance blockchain technology to accelerate the approval process for various loans, including home equity loans, mortgage refinancing, and student and personal loans. In a May expansion, Figure announced it was moving into cryptocurrency lending. It signed a financing agreement with Victory Park Capital for what it described as the industry’s first securitized pool of crypto-backed loans. This product enables asset owners to borrow against their Bitcoin and Ethereum holdings with loan-to-value ratios of up to 75%. The specific terms of the Victory Park deal were not publicly disclosed.
Mike Cagney has a history of pursuing ambitious regulatory strategies. In late 2020, during the final days of the first Trump administration, Figure applied for a special U.S. national bank charter. This charter would have allowed the company to accept uninsured deposits over $250,000 from accredited investors while avoiding conventional FDIC and Federal Reserve oversight. This approach could have created a new model for other fintech companies to obtain non-traditional bank charters. However, Figure withdrew its application last year amid broader challenges within the fintech industry.
The company has seen significant leadership and organizational changes recently. In April 2024, Figure appointed Michael Tannenbaum, the former Chief Operating Officer of Brex, as its new CEO. Tannenbaum had previously worked with Cagney as SoFi’s chief revenue officer.
In an unusual corporate move, Cagney spun off Figure Markets in early 2024 to create a standalone digital asset exchange for crypto trading, crypto-backed loans, and stablecoins. However, the company reversed course just over a year later in July, merging the two entities back together. Figure states this revised strategy better positions it to capture the growing opportunity in real-world asset tokenization. This process involves converting traditional assets like mortgages, real estate, or loans into digital tokens that can be traded on blockchain networks. Major financial institutions like BlackRock and JPMorgan have recently entered this space.
This is not Figure’s first attempt to go public. The company previously planned to list through a merger with a special purpose acquisition company named Figure Acquisition Corp. That deal was ultimately scrapped due to rising interest rates and high redemption rates, among other challenges. The SPAC was later delisted from the New York Stock Exchange.
Figure, which is backed by investors like Apollo Global Management and Ribbit Capital, also failed to complete a planned merger with mortgage lender Homebridge Financial Services in 2022. That deal was canceled ten months after it was announced, with the companies citing regulatory delays.
The current IPO filing comes as no surprise to industry observers. Figure had announced weeks ago that it had submitted a confidential draft registration statement for a proposed IPO. Furthermore, the company last raised $200 million in 2021 at a valuation of $3.2 billion. The timing aligns with a growing wave of crypto-related companies seeking public listings, encouraged by the highly successful debut of Circle Internet Group in June and the Trump administration’s strong support for the cryptocurrency sector through new legislation.
Circle’s shares soared more than 500% in their first two weeks on the public market. This momentum was continued by crypto exchange Bullish, whose shares more than doubled on its first day of trading last week. Adding to this trend, the Winklevoss twins’ crypto exchange Gemini filed for an IPO on Friday, despite reporting a net loss of $282.5 million for the first half of 2025.