Figure Technology Solutions is gearing up for a significant public offering that could generate up to $693 million, a move that reflects the company’s strong performance and optimistic outlook amid rising investor interest. Founded in 2018 by Mike Cagney, the fintech company has positioned itself at the forefront of the blockchain lending space, having funded over $16 billion in blockchain-based loans.
In response to robust demand, Figure has revised its IPO offering to include 31.5 million shares, raising the price range from an initial $18-$20 to between $20 and $22 per share. If the offering reaches the upper end of the range, Figure would attain a valuation of approximately $4.7 billion, a significant increase from its last private valuation of $3.2 billion in 2021.
Under the new plan, the company will issue 26.6 million shares, while existing shareholders will offload 4.9 million shares. Notably, the Duquesne Family Office has expressed interest in acquiring up to $50 million in stock. The proposed deal has generated substantial interest, leading to it being heavily oversubscribed, according to filings with the SEC.
Mike Cagney, who previously served as CEO of SoFi, retains substantial voting power within the company despite the leadership transition to Michael Tannenbaum, who has been at the helm since 2024. Figure will list on Nasdaq under the ticker FIGR, with Goldman Sachs, Jefferies, and Bank of America leading the underwriting efforts. Pricing is anticipated on Wednesday, with the debut scheduled for Thursday.
Figure has made significant strides since its inception, initially focusing on home equity credit lines before diversifying into crypto-backed loans, blockchain lending products, and a digital asset exchange. The company leverages its proprietary blockchain infrastructure to achieve efficient loan execution and streamlined record-keeping, distancing itself from traditional lending methods.
In addition to its blockchain technology, Figure has integrated artificial intelligence into its operational processes. Using OpenAI models for evaluating loan applications and a conversational assistant powered by Google Gemini for customer interactions, the firm aims to enhance risk assessment accuracy and improve the overall user experience.
As the financial industry increasingly turns towards credit digitalization and asset tokenization, Figure is positioning itself to capitalize on these trends, solidifying its role as a leader in blockchain-based lending solutions.
