Figure Technology, a seven-year-old blockchain-based lending startup, has filed for an IPO of its Class A common stock on Nasdaq, signaling one of the biggest public moves yet in blockchain finance.
In its filing, Figure reported a 22.4% revenue jump to $191 million for the first half of 2025, alongside a $29 million profit, a sharp turnaround from a $13 million loss during the same period last year.
The IPO marks a potential comeback for co-founder Mike Cagney, who built SoFi before stepping down in 2017 amid workplace misconduct allegations. SoFi has since thrived as a public company, with shares up more than 200% over the past year.
Founded in 2018 by Cagney and his wife June Ou, Figure has become a key player in blockchain-powered lending, claiming over 160 partners for its loan origination and capital marketplace platform. The company says it is the largest non-bank provider of home equity lines of credit. Its Provenance blockchain underpins loans ranging from home equity and mortgage refinancing to student and personal loans.
Earlier this year, Figure expanded into cryptocurrency lending, striking a deal with Victory Park Capital to launch what it called the industry’s first securitized pool of crypto-backed loans. The product lets customers borrow against Bitcoin and Ethereum holdings with loan-to-value ratios up to 75%.
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Figure has had a turbulent regulatory history, including an abandoned attempt to secure a U.S. national bank charter, and corporate reshuffles. Michael Tannenbaum, formerly COO at Brex, took over as CEO in 2024, while Cagney briefly spun off and then recombined Figure’s crypto exchange arm. The company now pitches itself as poised to lead the fast-growing market for real-world asset tokenization, an area drawing interest from giants like BlackRock and JPMorgan.
This isn’t Figure’s first shot at going public. A planned SPAC merger and a separate mortgage lender deal both collapsed in recent years. But momentum in the crypto sector, highlighted by Circle’s blockbuster listing and Gemini’s recent IPO filing, has reignited Figure’s bid.
Goldman Sachs, Jefferies, and BofA Securities will lead the offering, though the number of shares and pricing range remain undisclosed.
