TL;DR
- Figure Technology Solutions will launch an IPO on Nasdaq to raise $526 million, offering 21.5 million shares at $18–$20.
- The company has funded over $16 billion in blockchain-based loans, including HELOCs, crypto-backed loans, and a digital asset exchange.
- In the first six months of 2025, it reported $190.6 million in revenue and $29.1 million in net income.
Figure Technology Solutions, a blockchain-based lending company, announced plans to raise $526 million through an initial public offering on Nasdaq under the ticker symbol FIGR.
The company plans to offer 21.5 million shares, while shareholders will sell an additional 4.9 million shares. The estimated price per share ranges from $18 to $20, which could value the company at $4.13 billion. The IPO is expected to price on September 10, 2025.
Credit Evaluation with AI
Founded in 2018 by Mike Cagney, former CEO of SoFi Technologies, Figure appointed Michael Tannenbaum as CEO in 2024. The company develops blockchain-based financial solutions to provide loans, initially focusing on home equity lines of credit (HELOCs), and has expanded its offerings to crypto-backed loans and a digital asset exchange. Since its inception, Figure has funded more than $16 billion in loans using its technology.
Clients of partner-branded HELOC loans have an average FICO score of 756, slightly higher than Figure-branded loans, which average 749. The company uses artificial intelligence to assess loan applications, leveraging OpenAI technology and a chatbot powered by Google Gemini.
Figure’s Financial Performance
For the six months ending June 30, 2025, Figure reported $190.6 million in revenue and $29.1 million in net income. This marks a turnaround from the same period the previous year, when it recorded a net loss of $15.6 million on $156 million in revenue.
Investors include Apollo Global Management, 10T Holdings, and Ribbit Capital. After the IPO, Cagney is expected to retain majority voting control. Goldman Sachs, Jefferies, and Bank of America are leading the offering.
The IPO reflects growing adoption of blockchain-based financial solutions and Figure’s ability to combine traditional products with technological innovation. With a track record of successful loans and AI integration in credit evaluation, the company aims to strengthen its market position and attract additional capital to support growth and product expansion.
The offering will allow more investors to access the company and participate in its development as Figure continues to expand its presence
