Figure Technology Solutions, a blockchain-powered fintech company specializing in mortgage and lending services, is preparing for a significant move into public markets with its initial public offering (IPO) on the Nasdaq. Co-founded by Mike Cagney, a former executive at SoFi, the San Francisco-based company is aiming for a valuation between $4.1 billion and $4.3 billion by raising approximately $526 million through the sale of 26.3 million shares, with prices expected to range from $18 to $20 each.
The IPO is scheduled to price on September 10, 2025, and will be backed by major underwriters including Goldman Sachs, Jefferies, and BofA Securities. Figure’s shares are anticipated to trade under the ticker “FIGR,” marking a significant milestone for the firm as it joins a growing roster of cryptocurrency and blockchain-focused companies, like Gemini, looking to leverage increasing investor interest in financial technologies.
At the heart of Figure’s operations is its proprietary Provenance blockchain, which has revolutionized home equity lending by significantly reducing processing times. With this innovative technology, Figure claims that it can cut the average time required to process a home equity line of credit (HELOC) from over 40 days to as little as 10 days. Since its inception in 2018, the company has facilitated more than $16 billion in HELOCs across 49 states, making it a standout player in the fintech sector, especially in the crucial home equity lending market where efficiency and accessibility are paramount.
Figure not only operates its own lending services but also provides a wholesale and private-label HELOC origination system, enabling other financial institutions to adopt its blockchain-based infrastructure. This move broadens Figure’s impact in the industry, positioning it as a provider of modern digital solutions in lending.
The decision to pursue an IPO follows a period of remarkable financial growth for Figure. In the first half of 2025, the company reported revenues of $191 million, alongside a profit of $29 million—an impressive recovery from a $13 million loss in the same timeframe the previous year. This financial turnaround underscores Figure’s capability to scale its operations and garner investor confidence.
Figure’s valuation has surged from $3.2 billion, following a $200 million Series D funding round led by 10T Holdings in 2021. The firm’s recent merger with Figure Markets, a blockchain-based marketplace venture, further emphasizes its expansion into digital asset services, demonstrating its commitment to innovating traditional lending and securitization processes.
The upcoming IPO reflects a broader trend of blockchain and cryptocurrency firms entering public markets, buoyed by a favorable regulatory environment and growing institutional interest. Alongside Figure, notable companies such as Gemini are also pursuing IPOs, with Gemini recently filing for a $317 million offering, while Kraken is rumored to be eyeing a $500 million IPO in 2026. This momentum indicates a maturation in the cryptocurrency sector, as blockchain technology increasingly gains traction as a vehicle for enhancing efficiency within traditional finance.
With its Provenance blockchain not only streamlining loan processing but also providing a transparent framework for transaction verification, Figure sets the stage for potential changes in the mortgage industry. For mortgage brokers and loan officers, Figure’s rise introduces both opportunities and challenges. Traditional lenders may feel the pressure to adopt similar digital tools to remain competitive, while Figure’s wholesale platform presents new partnership opportunities for those striving to modernize their operations.
If the IPO proves successful, it could herald broader acceptance of blockchain technology in mainstream financial markets, validating its potential to enhance mortgage financing. As Figure prepares to go public, its emphasis on expedited HELOCs and digital lending infrastructure positions it as a pivotal player in the ever-evolving fintech landscape.
