Figure Technology Solutions Eyes Public Market After Strong Growth

Figure Technology Solutions, co-founded by Mike Cagney (formerly of SoFi) and June Ou, has officially filed for an initial public offering (IPO) in the U.S. This move comes after a period of significant revenue growth, as revealed in the company's filing documents.

Key Highlights

• Revenue Surge: Figure reported a 22.4% increase in revenue for the first half of 2025, reaching $191 million.
• Profitability: The company achieved a profit of $29 million during the same period, a stark contrast to the $13 million loss reported the previous year.
• Blockchain-Native Marketplace: Figure operates a blockchain-based capital marketplace connecting origination, funding, and secondary market activities.
• Established Network: Their loan origination system and capital marketplace is utilized by over 160 partners.
• Nasdaq Listing: Figure intends to list on the Nasdaq under the ticker symbol "FIGR."
• Underwriters: Goldman Sachs, Jefferies, and BofA Securities are serving as the lead underwriters for the offering.

The IPO calendar is expected to pick up again after Labor Day, with Figure potentially launching its roadshow then. The Winklevoss twins' Gemini exchange also recently filed for a New York IPO, signaling increased activity in the crypto-related IPO market.

Figure previously raised $200 million in funding in 2021, valuing the company at $3.2 billion. The proceeds from the IPO are earmarked for general corporate purposes.

Key Takeaways

• Figure's IPO underscores the growing interest in blockchain-based financial solutions.
• The company's strong revenue growth and shift to profitability demonstrate the potential of its business model.
• Mike Cagney's involvement adds credibility, given his experience building SoFi.