Figure’s IPO filing marks Mike Cagney’s return to public markets

Figure Technology, a blockchain-focused lending firm established seven years ago, has officially submitted its IPO application for Class A common stock on Nasdaq. The company has enlisted Goldman Sachs, Jefferies, and BofA Securities as its primary bookrunners for the offering, although the specific number of shares and their price range remain to be announced. In its IPO documentation, Figure disclosed a significant revenue increase of 22.4%, reaching $191 million in the six months ending June 30. Additionally, the company reported a profit of $29 million for the same timeframe, a noteworthy recovery from a $13 million loss incurred a year prior. This filing marks a pivotal moment for co-founder Mike Cagney, who previously led SoFi before departing the personal finance platform amid sexual harassment allegations in 2017. SoFi, which went public in 2021 through a SPAC merger, has thrived, with its stock appreciating over 200% in the past year and revenue climbing 44% in Q2 2025. Since its inception in 2018, Figure has carved out a significant niche in the blockchain lending sector, boasting over 160 partnerships within its loan origination system and capital marketplace. The company claims to be the largest non-bank provider of home equity lines of credit, utilizing its Provenance blockchain technology to expedite the processing of home equity loans, mortgage refinancing, and personal loans. In a recent strategic move, Figure announced its foray into cryptocurrency lending, having secured a financing agreement with Victory Park Capital. This partnership aims to launch what Figure describes as the first securitized pool of crypto-backed loans, allowing asset owners to leverage their Bitcoin and Ethereum holdings with loan-to-value ratios of up to 75%. Details of this agreement remain undisclosed. Cagney has a history of ambitious regulatory initiatives. In late 2020, Figure sought a U.S. national bank charter to accept uninsured deposits over $250,000 from accredited investors, circumventing traditional FDIC and Federal Reserve oversight. However, the company withdrew its application last year amidst broader challenges in the fintech landscape. The company has also experienced significant leadership changes, appointing Michael Tannenbaum, former COO of Brex, as CEO in April 2024. Tannenbaum previously collaborated with Cagney during his tenure as SoFi’s chief revenue officer. In an unusual corporate strategy, Cagney spun off Figure Markets in early 2024 to create a separate digital asset exchange. Yet, a year later, in July, Figure re-integrated the two entities, positioning itself to tap into the burgeoning market of real-world asset tokenization. Tokenization involves transforming traditional assets, such as mortgages and real estate, into digital tokens for blockchain trading. Major financial institutions, including BlackRock and JPMorgan, have recently ventured into this space. This is not Figure's first attempt at a public listing; it previously aimed to merge with a SPAC named Figure Acquisition Corp, but that deal fell through due to rising interest rates and other challenges. The SPAC was subsequently delisted from the New York Stock Exchange. Figure, backed by investors like Apollo Global Management and Ribbit Capital, also abandoned a planned merger with Homebridge Financial Services in 2022 due to regulatory setbacks, ten months after announcing the collaboration. The IPO filing aligns with a trend of crypto-related companies pursuing public listings, particularly following the successful debut of Circle Internet Group in June, which saw its shares soar by over 500%. The momentum continues with crypto exchange Bullish, whose shares more than doubled on its first trading day. Recently, Gemini, the crypto exchange founded by the Winklevoss twins, filed for an IPO, despite reporting a substantial net loss of $282.5 million in the first half of 2025.