Shares of blockchain lender Figure made a strong debut on the Nasdaq on Thursday, opening at $36 and marking a remarkable 44% increase on their first day of trading. This surge follows the company’s initial public offering (IPO), which is part of a growing trend of fintech companies going public.
The San Francisco-based firm, which specializes in lending, trading, and investing through a blockchain-enabled platform, had originally set its IPO price range between $18 and $20 per share. However, as of late Wednesday, the company had adjusted this price to $25 per share. This change led to an initial market valuation exceeding $5 billion, with Figure raising approximately $787.5 million from the IPO.
The company’s valuation has seen considerable growth since its last funding round, a $200 million Series D in 2021, which pegged Figure at $3.2 billion. Since its founding in 2018, Figure has amassed $1.5 billion in venture and debt funding, as reported by Crunchbase data. According to CEO Michael Tannenbaum, the company achieved “GAAP profitability” in the fourth quarter of 2024, reporting an EBITDA margin in the 40s for the most recent quarter. Tannenbaum expressed optimism about Figure’s potential for continued growth, emphasizing that the firm has been a pioneer in the blockchain lending space.
“We were the second to put consumer loans on blockchain, but we were the first to securitize them and to get them rated, eventually earning a AAA rating,” he noted. Tannenbaum also highlighted Figure’s leadership in the tokenization of private credit, claiming a 75% market share in the sector.
Figure’s IPO aligns with a recent resurgence in fintech initial public offerings, catalyzed by other successful debuts, including design software provider Figma, which tripled in value on its first day. Just the day before, Swedish fintech Klarna also went public, with shares climbing 16% in initial trading. The surge in fintech IPOs indicates a renewed investor interest, with several firms closing funding rounds exceeding $100 million this year.
The broader IPO market for fintech has seen a resurgence in 2025, with numerous companies either going public or preparing to do so. Notable mentions include the stablecoin issuer Circle, whose shares saw a staggering 168% increase in June, and digital bank Chime, which also debuted successfully with a 37% surge in shares. Additionally, digital wealth management startup Wealthfront and crypto exchange Gemini recently filed for U.S. IPOs, while expense management firm Navan has done the same.
As the fintech landscape evolves, Figure’s successful IPO reflects a growing confidence among investors in this rapidly expanding sector.
