Figure’s IPO Filing Marks Mike Cagney’s Return to Public Markets

Figure Technology, a blockchain-driven lending firm founded seven years ago, has submitted its IPO application for Class A common stock on Nasdaq, with Goldman Sachs, Jefferies, and BofA Securities serving as the lead bookrunners.

Details regarding the number of shares and the pricing range are yet to be unveiled.

As per its IPO filing, Figure’s revenue jumped by 22.4% to $191 million in the six months preceding June 30, reporting a profit of $29 million for that period, a significant turnaround from a loss of $13 million the previous year.

This filing marks a potential comeback for Figure co-founder Mike Cagney, who previously founded SoFi, leaving the personal finance company in 2017 amid allegations of sexual harassment. SoFi went public in 2021 through a SPAC merger and has seen impressive growth, with its stock up over 200% in the past year and a revenue increase of 44% in Q2 2025.

Since its establishment in 2018, Figure has carved out a niche in blockchain-based lending, boasting over 160 partners within its loan origination system and capital marketplace. The firm claims to be the largest non-bank provider of home equity lines of credit.

Cagney co-founded Figure with his wife, June Ou, utilizing blockchain technology through its Provenance blockchain to accelerate approval processes for home equity loans, mortgage refinances, and personal and student loans.

In May, Figure announced its foray into cryptocurrency lending, partnering with Victory Park Capital to launch what it called the first securitized pool of crypto-backed loans. This initiative allows asset holders to borrow against their Bitcoin and Ethereum holdings with loan-to-value ratios of up to 75%.

The terms of the partnership with Victory Park have not yet been made public.

Cagney has a history of taking bold regulatory steps. As noted by TechCrunch in late 2020, during the final days of the first Trump administration, Figure applied for a U.S. national bank charter that would permit it to accept uninsured deposits above $250,000 from accredited investors, bypassing traditional FDIC and Federal Reserve oversight. While this model could have set a precedent for fintech and retail companies to pursue non-traditional bank charters and offer appealing financial products without such oversight, Figure withdrew its application last year amid wider challenges in the fintech sector.

The organization has undergone considerable leadership and structural changes over the years. In April 2024, Figure named Michael Tannenbaum, who came from Brex, as CEO, having previously worked with Cagney as SoFi’s chief revenue officer.

In a unique corporate move, Cagney spun off Figure Markets in early 2024, creating an independent digital asset exchange for cryptocurrency trading, crypto-backed loans, and stablecoins. However, just over a year later, in July, Figure reassessed this decision and merged the two entities once again.

The company asserts that this strategy positions it to capitalize on significant opportunities in real-world asset tokenization, which involves transforming traditional assets like mortgages, real estate, loans, and even artwork into digital tokens that can be traded on blockchain platforms. Major financial players like BlackRock and JPMorgan have recently ventured into this domain.

It should be noted that this isn’t Figure’s first attempt at public markets. The company previously sought to go public through a merger with the SPAC Figure Acquisition Corp, a deal that ultimately fell apart due to rising interest rates and redemption issues, among other factors, leading to the SPAC’s delisting from the New York Stock Exchange.

Backed by investors such as Apollo Global Management and Ribbit Capital, Figure also abandoned a planned merger with mortgage lender Homebridge Financial Services in 2022 due to regulatory delays, nearly ten months after announcing the collaboration.

The IPO filing is not unexpected for industry analysts. To provide context, Figure last secured $200 million in funding in 2021, achieving a valuation of $3.2 billion and had recently filed its confidential IPO statement. Furthermore, the timing aligns with a growing trend of crypto-oriented companies pursuing public listings, fueled by the successful debut of Circle Internet Group in June and the Trump administration’s robust support for the cryptocurrency ecosystem and relevant legislation.

Circle’s shares soared over 500% within the first two weeks of hitting the public market. Additionally, the recent performance of crypto exchange Bullish, which saw its shares more than double on their initial trading day last week, amplifies this momentum.

Recently, the Winklevoss twins’ crypto exchange, Gemini, also filed for an IPO despite reporting a net loss of $282.5 million for the first half of 2025.