Figure Technology Solutions, a company specializing in cryptocurrency lending, has officially filed for an initial public offering (IPO) in the United States. The company’s shares are expected to appear on the Nasdaq exchange under the ticker FIGR, marking another step for the crypto industry into the traditional stock market.
This is reported by Business • Media
Financial Results and Company Growth
In the last six months, Figure reported a net profit of $29.1 million on revenue of $190.6 million. In comparison, the company incurred a loss of $15.6 million on revenue of $156 million during the same period the previous year. As of 2021, Figure’s market valuation was $3.2 billion. The IPO is being organized by Goldman Sachs, Jefferies, and Bank of America.
“We see that blockchain can be used for all asset classes. Just as there is a ‘fantastic seven’ of stocks in the Web2 space today, I believe a comparable set of companies representing blockchain technology will emerge in the Web3 sector. Our IPO brings us closer to leadership in this group,” stated Figure.
Strategy, Products, and Investors
Figure Technology Solutions was founded in 2018 by Mike Cagney, one of the co-founders of SoFi Technologies. Initially, the firm focused on real estate-backed lending but later expanded its services to include loans secured by cryptocurrency. The company also launched its own digital asset exchange — Figure Markets.
Since its inception, the company has financed over $16 billion in loans. In 2024, Michael Tannenbaum, a well-known entrepreneur and investor, became the CEO of Figure.
In 2024, the average FICO credit score of Figure’s HELOC clients was 753, while the score for the company’s proprietary products was 740. To assess applications, Figure employs advanced artificial intelligence technologies — OpenAI and Google Gemini chatbots.
Among Figure’s investors are major players such as Apollo Global Management, 10T Holdings, and Ribbit Capital. Prior to the IPO process, the company has already engaged in discussions with potential investors, including BlackRock, SoftBank, and Tiger Global. Reports indicate that during the public offering, the company plans to raise between $5 billion and $10 billion.
It was previously reported that the U.S. Securities and Exchange Commission (SEC) approved the interest-bearing stablecoin YLDS, created on the Figure Markets platform.