Blockchain lender Figure publicly files for IPO after strong revenue growth

Share this article

Figure Technology Solutions, a New York-based fintech that uses blockchain to modernize lending and capital markets, has lodged a registration statement on Form S-1 with the SEC for a proposed initial public offering of its common stock.

The move comes after Figure’s confidential IPO filing earlier in August and places it among crypto-linked companies seeking to tap the public equity markets.

According to its new filing, the company expects to list on Nasdaq under the ticker FIGR, with Goldman Sachs, Jefferies, and Bank of America leading the offering.

Figure, whose technology has enabled the origination of over $16 billion of home equity loans, swung to profitability in the first half of 2025, with net income of $29.1 million versus a $15.6 million loss a year earlier, as revenue surged 22% on the back of ecosystem and technology fees tied to its Connect platform.

Partner-branded loan products and securitization activity powered fee growth, while interest income rose on retained interests and new digital asset–backed loans. Expenses were kept in check, aided by a sharp drop in equity-based compensation, driving operating income up nearly 260% in Q2.

Co-founded in 2018 by Mike Cagney, a former SoFi Technologies co-founder and CEO, Figure was valued at $3.2 billion in a 2021 venture-backed funding round.

Figure utilizes OpenAI Inc.’s technology for loan application evaluation and implements a Google Gemini-powered chatbot from Alphabet Inc. The company is backed by Apollo Global Management, 10T Holdings, and Ribbit Capital, among other investors.

Share this article