Figure Technology Solutions, a financial services organization utilizing blockchain tech, has revealed its intentions to go public with an initial public offering (IPO) in the U.S. market.
The company is slated to list on the Nasdaq exchange under the ticker symbol FIGR. Leading the IPO process are financial giants Goldman Sachs, Bank of America, and Jefferies, serving as the main underwriters.
An official document submitted to the U.S. Securities and Exchange Commission (SEC) on August 18 indicates that some of the shares being offered will be from existing investors looking to divest their holdings.
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Mike Cagney established Figure in 2018. He previously played a key role in developing Provenance, a blockchain platform geared toward financial asset tokenization. Additionally, Cagney was a co-founder of SoFi, which has become the largest online lending institution in the United States. Figure’s operational framework is centered on Provenance, where it manages its lending, trading activities, and asset tokenization.
The company secured $200 million through a Series D funding round in 2021, valuing the organization at $3.2 billion. Since then, Figure has reported originating blockchain-based loans surpassing $16 billion, while facilitating transactions exceeding $50 billion on its blockchain system.
In the IPO filing documentation, Cagney noted that integrating assets like loans and their associated data onto blockchain networks has the potential to unlock liquidity in previously illiquid markets.
He also asserted that the current financial services industry is overly reliant on intermediaries, leading to what he described as “rent-seeking” behavior. Cagney suggests that blockchain tech presents a solution to streamline operations by facilitating direct exchanges between buyers and sellers.
In related news, Circle, the organization behind USDC, is preparing to launch its dedicated blockchain, known as Arc, before the close of 2025. Intrigued? Explore the complete story here.