Figure brings in Druckenmiller in US$526m IPO
Figure Technology Solutions co-founder Mike Cagney is leveraging on legendary investor Stanley Druckenmiller’s halo as he brings the blockchain-centric fintech to the market for an up to US$526.2m IPO.
Goldman Sachs, Jefferies and Bank of America are joint bookrunners on the sale of 21.5m shares marketed in a US$18–$20 range for pricing after the market close on Wednesday September 10. A further 4.85m secondary shares are being offered by venture-backers Ribbit Capital and Morgan Creek Digital.
Druckenmiller’s investment firm, Duquesne Family Office, has indicated interest in buying up to US$50m of the offering.
Cagney co-founded SoFi Technologies and was the helm until 2017. The fintech went public in 2021 through a merger with Chamath Palihapitya’s Social Capital Hedosophia V.
At the midpoint of the marketing range, Figure is targeting an enterprise value of US$3.9bn, valuing it at roughly 15 times 2026 Ebitda and a mid-11s multiple of 2027 Ebitda. That is a steep discount to the 22.9 times and 17.8 times multiples at which SoFi current trades.
SoFi leans towards the traditional financial services operating model, though it has made a big push into blockchain and crypto-related services of late.
Based in New York City, Figure’s blockchain technology is used to aid lending, either directly originated by Figure itself or by other banks and wholesale brokers.
It earns origination fees, gains on sales of loans, servicing fees and interest income from assets generated through its platform. In the first six months of 2025, the company generated adjusted Ebitda of US$83m while growing revenues by 22.2% to US$190.6m. That compares with adjusted Ebitda of US$101m for all of 2024.
The company said it has originated more than US$16bn in home equity loans since launching, including US$5bn last year.
Proceeds from the offering, including from the shoe of 3.9m primary shares, will be used for to invest in the business, including possible acquisitions.