Figure Technology Solutions has announced its intention to pursue an initial public offering (IPO) on the Nasdaq stock exchange, aiming to raise $526 million under the ticker symbol FIGR. The company plans to offer 21.5 million shares at a price range of $18 to $20 per share, alongside an additional 4.9 million shares being sold by existing shareholders. If the IPO is priced at the upper end of this range, it would give Figure an estimated valuation of approximately $4.13 billion. The pricing of the IPO is anticipated to occur on September 10, 2025.
Founded in 2018 by Mike Cagney, who previously served as CEO of SoFi Technologies, Figure Technology Solutions has carved a niche in the blockchain-based lending sector. In 2024, Michael Tannenbaum took the reins as CEO, further positioning the company for future growth. Initially focused on home equity lines of credit (HELOCs), the company has since broadened its offerings to include crypto-backed loans and a digital asset exchange. To date, Figure has successfully funded more than $16 billion in loans through its technology-driven platform.
The company’s HELOC loans, branded by partner institutions, boast an average FICO score of 756, which is higher than Figure-branded loans, averaging 749. To assess loan applications, Figure employs artificial intelligence technologies, utilizing OpenAI innovations and a chatbot supported by Google Gemini.
In terms of financial performance, Figure has shown significant improvement. For the first half of 2025, the company reported revenues of $190.6 million and net income of $29.1 million. This marks a dramatic shift from the same period in the previous year when it experienced a net loss of $15.6 million on $156 million in revenue. Notable investors in Figure include Apollo Global Management, 10T Holdings, and Ribbit Capital. Post-IPO, it is expected that Cagney will retain majority voting control of the company.
This upcoming IPO represents a broader trend in the growing acceptance of blockchain-based financial solutions and highlights Figure’s ability to integrate traditional lending products with advanced technological capabilities. With a proven record of effective loan processing and a focus on incorporating AI in credit evaluation, Figure aims to fortify its market positioning and secure additional capital for future growth and product diversification. The IPO will provide a new opportunity for investors to engage with the company as it continues to expand its footprint in the financial services industry.
