Figure Technology Solutions Inc., a company leveraging blockchain for credit solutions, has confidentially submitted paperwork for an initial public offering (IPO). This move positions them as one of the latest businesses with ties to the cryptocurrency sector to pursue going public, aligning with the industry’s current trend of entering the public markets.
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A press release issued Monday revealed that the number of shares to be made available and the anticipated price range for the IPO are still to be determined. Back in 2023, Bloomberg News reported that Figure had enlisted the help of financial institutions like Goldman Sachs Group Inc., JPMorgan Chase & Co., and Jefferies Financial Group Inc. to potentially launch an IPO for its lending division.
Mike Cagney, a co-founder of Figure in 2018, previously played a key role in establishing SoFi Technologies Inc. before stepping down as its chief executive officer that same year. Figure’s website states that the company is focused on utilizing blockchain technology to streamline the process of originating home loans and also providing loans secured by cryptocurrency. In 2024, Michael Tannenbaum took the helm as CEO of Figure.
According to their official website, the company has facilitated approximately $16 billion in home equity loans and collaborates with tech giants such as OpenAI Inc. and Alphabet Inc.
Figure’s investor base includes prominent firms such as Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital, among others, as indicated on their website.
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