Figure Technology, a blockchain-based lender seven years ago, applied for an IPO for Nasdaq’s Class A common stock. GoldmanSachs, Jefferies and Bofa Securities serve as key BookRunners.
The number of stocks and price ranges offered has not yet been determined.
The figure states that it reported profits of $191 million over the six months ended June 30th, an increase of 22.4% to $191 million, reporting profits of $29 million over the same period compared to a loss of $13 million the previous year.
The filing provides an opportunity to prove Mike Cagney, a co-founder who previously built SOFI before leaving the personal finance platform in 2017 following sexual harassment allegations. Sofi was made public in 2021 through a merger of special purpose acquisition companies (SPACs) and appeared quite well, just like public companies. Stocks have grown by more than 200% over the past year, with revenues rising 44% in the second quarter of 2025.
Since its founding in 2018, Figure has established itself as one of the larger players in blockchain-based lending, claiming more than 160 partners in the loan origination system and capital markets. The diagram claims to be the largest non-bank provider of home equity credit lines.
Founded by Cagney with his wife June OU, the company uses blockchain technology through its origins blockchain to speed it up in line with approvals for residential equity loans, mortgage refinancing and student and personal loans.
In May, the figure also said it had signed a funding agreement with Victory Park Capital for a figure that expanded into cryptocurrency loans and called the industry’s first pool of securitized crypto-assisted loans. The product allows asset owners to borrow against Bitcoin and Ethereum holdings at a loan and value ratio of up to 75%.
TechCrunch Events
San Francisco
|
October 27th-29th, 2025
The terms of the contract with Victory Park have not been revealed.
Cagney has a history of ambitious regulatory moves. As TechCrunch reported in late 2020 on the last day of the first Trump administration, the figures filed for the U.S. National Bank Charter, which allows it to accept uninsured deposits of more than $250,000 from accredited investors, while avoiding traditional FDIC and Federal Reserve oversight. This approach may have established templates for other fintech and retail companies to acquire non-traditional banking charters and offer lucrative financial products while avoiding such surveillance, but last year it retracted its application amid a challenge in the broader fintech industry.
The company has undergone major leadership and organizational changes in the meantime. In April 2024, Figure appointed former Brex COO Michael Tannenbaum as CEO. Tannenbaum previously worked as Chief Revenue Officer for Cagney and Sofi.
And with the unusual corporate manipulation, Cagney spun the figure market in early 2024, creating standalone digital asset exchanges for crypto trading, crypto-assisted loans, and stubcoin. But in July, exactly a year later, the numbers reversed the course and smoothed out the two entities together.
The company says the strategy is positioned to gain huge and growing opportunities in real-world asset tokenization. (Real world asset tokenization involves converting traditional assets such as mortgages, real estate, and loans into digital tokens that can be traded on blockchain networks. Heavyweight financial players like BlackRock and JPMorgan are the ones who have recently entered the space.)
Note that this is not the first attempt to be published. The company previously planned to list it via a merger with SPAC called Figure Acquisition Corp, but among other challenges, the transaction was abolished due to rising interest rates and redemption rates and redemption rates. The blank check company was later delisted by the New York Stock Exchange.
Supporters, including Apollo Global Management and Ribbit Capital, were also unable to complete the planned merger with mortgage lender Homebridge Financial Services in 2022.
Submitting an IPO is no surprise to industry observers. One was the last figure raised $200 million in 2021 at a valuation of $3.2 billion, and announced it had filed a confidential statement with the IPO a few weeks ago. Additionally, the timing is encouraged by a wave of crypto companies seeking public lists encouraged by the hugely successful debut of Circle Internet Group in June, and the full support of the Trump administration for the cryptocurrency sector and related laws.
Circle’s stocks skyrocketed over 500% in their first two weeks on the open market. Crypto Exchange Bullish gained momentum as its stock more than doubled on the first day of trading last week.
On Friday, Winclevos Twins’ Crypto Exchange Gemini filed for an IPO despite reporting a net loss of $282.5 million in the first half of 2025.
Source link
