Blockchain lender Figure joins crypto IPO rush
Figure Technology Solutions publicly filed on Monday for a Nasdaq IPO that would provide the blockchain-centric fintech money to continue growing its business, while also allowing existing investors to cash out.
Goldman Sachs, Jefferies, and Bank of America are joint bookrunners on the offering, which will be a mix of new and secondary shares.
Figure would use money from the offering to invest in its operations and technology, as well as for potential acquisitions.
Figure’s blockchain technology is used to aid lending, either directly originated by Figure itself or by other banks and wholesale brokers. The company has originated more than US$16bn in home equity loans since launching, including US$5bn last year.
Figure also earns a small cut of revenue from the trading of digital assets transacted using its blockchain technology.
In the first six months of 2025, the company generated adjusted Ebitda of US$83m while growing revenue by 22.2% to US$190.6m. That compares with adjusted Ebitda of US$101m for all of 2024.
Headquartered in New York City, Figure was co-founded in 2018 by former SoFi Technologies CEO Michael Cagney.
“Blockchain is a great leveller of the financial playing field,” Cagney wrote in a letter to prospective investors.
“While we pioneered lending on blockchain, we are setting our sights on being the leader in bringing new asset classes such as equities on chain as well. Just as there is a Magnificent Seven of stocks in web 2.0 today, I believe there will be a comparable set of companies representing blockchain technology in web 3.0. Our IPO moves us closer to being a leader in that peer set.”