Figure Technology Solutions, a blockchain-based lending platform, has taken a significant step toward entering the public markets. The company filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) this week, following a strong financial performance in the first half of 2025.
Headquartered in New York, Figure reported a net income of $29.1 million on $190.6 million in revenue—marking a notable turnaround from a $15.6 million loss on $156 million in revenue during the same period last year. The positive results reflect growing momentum for the fintech firm as it prepares to list on the Nasdaq under the ticker symbol FIGR.
Founded in 2018 by SoFi Technologies co-founder Mike Cagney, Figure has pioneered the use of blockchain technology in lending, streamlining processes and reducing friction in financial services. Since its inception, the platform has facilitated over $16 billion in loans. Its product lineup includes home equity lines of credit (HELOCs), crypto-backed loans, and a digital asset exchange.
The firm also integrates artificial intelligence from OpenAI and Google’s Gemini to support loan evaluations and enhance customer service. Backed by major investors such as Apollo Global Management, 10T Holdings, and Ribbit Capital, Figure continues to attract attention for its innovative approach to fintech.
In 2024, the average FICO score for borrowers using partner-branded HELOC channels was 753, slightly above the 740 average for Figure-branded applicants, signaling a strong borrower profile.
Figure recently named Michael Tannenbaum as CEO, while co-founder Mike Cagney is set to maintain majority voting control following the IPO, providing leadership stability as the company transitions to the public market.
With Goldman Sachs, Jefferies, and Bank of America leading the offering, Figure's upcoming Nasdaq debut represents a broader trend of crypto-aligned fintech companies moving toward public listings. The company’s blend of blockchain infrastructure and AI-powered solutions positions it at the forefront of a transforming lending landscape.
