Figure Technology Files for IPO, Aiming to Capitalize on Blockchain Lending Growth

Figure Technology, a blockchain-based lending company, has filed for an IPO on Nasdaq, marking a significant milestone for co-founder Mike Cagney, who previously built and exited SoFi amid controversy. The filing comes after Figure reported a 22.4% revenue increase to $191 million and a $29 million profit in the first half of 2025, compared to a $13 million loss in the same period a year earlier.
Founded in 2018, Figure has positioned itself as a leading non-bank provider of home equity lines of credit, leveraging its Provenance blockchain to streamline loan approvals for various products, including student and personal loans. The company has also expanded into cryptocurrency lending, partnering with Victory Park Capital to create a securitized pool of crypto-backed loans, allowing borrowers to use Bitcoin and Ethereum as collateral.
Figure has undergone significant leadership changes, appointing Michael Tannenbaum, former COO of Brex, as CEO in 2024. The company also spun off and later remerged Figure Markets, a digital asset exchange, to better capitalize on real-world asset tokenization.
This IPO follows Figure’s failed attempts to go public via SPAC mergers in the past, including a scrapped deal with Figure Acquisition Corp. and a merger with Homebridge Financial Services that fell through due to regulatory delays.
The timing aligns with a broader trend of crypto-related companies seeking public listings, buoyed by the successful debuts of firms like Circle and Bullish. Figure’s IPO is expected to further solidify its position in the rapidly evolving blockchain and lending sectors. Goldman Sachs, Jefferies, and BofA Securities are leading the offering, though the number of shares and pricing have yet to be disclosed.

Published: 8/19/2025