Figure Files Confidentially for US IPO, Tapping Goldman Sachs and JPMorgan

Figure Technology Solutions, a blockchain-based credit company, has filed confidentially for a US IPO. The company, co-founded by Mike Cagney, has funded around $16 billion in home equity loans and offers crypto-backed loans. Figure is working with banks including Goldman Sachs and JPMorgan Chase on the IPO, and has investors such as Apollo Global Management and Ribbit Capital.

Title: Figure Technology Solutions Files Confidentially for US IPO

Figure Technology Solutions Inc., a blockchain-based credit company, has filed confidentially for an initial public offering (IPO) in the United States. The move comes as the company seeks to capitalize on its growing presence in the digital lending space and expand its operations. Figure, co-founded by Mike Cagney, has been working with prominent financial institutions including Goldman Sachs Group Inc. and JPMorgan Chase & Co. to facilitate the IPO process [1].

The company specializes in developing blockchain technology to facilitate home loans and offers crypto-backed loans, according to its website. Figure has funded around $16 billion in home equity loans and partners with major tech companies such as OpenAI Inc. and Alphabet Inc. Its investors include Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital, among others [1].

The IPO filing is part of a broader trend of blockchain-related firms entering public markets. According to a report by Ripple in partnership with CB Insights and the UK Centre for Blockchain Technologies, traditional financial institutions such as Citigroup, JPMorgan Chase, and Goldman Sachs have been leading the way in investing in blockchain technology [2]. The report highlights that these banks have been increasingly active in early-stage investments, particularly in seed and Series A rounds, to support emerging firms whose solutions align with long-term strategic goals.

The majority of these investments have been in areas such as institutional trading, tokenization infrastructure, payments, and digital asset custody. JPMorgan Chase, for example, has been at the forefront of developing its own blockchain-based networks, including the Kinexys platform. Goldman Sachs and Citigroup have also established multiple blockchain partnerships aimed at exploring tokenized assets and improving capital market infrastructure [2].

The increasing regulatory clarity in major markets such as the United States, the European Union, the UAE, and Singapore has contributed to the rebound in dealmaking in the blockchain sector. The report suggests that the next chapter for banks will involve scaling blockchain solutions beyond institutional pilots. The Boston Consulting Group estimates that tokenized real-world assets could be worth over $18 trillion by 2033 [2].

Despite the growing interest and investment from traditional financial institutions, the IPO process for Figure Technology Solutions remains confidential. The number of shares to be offered and the price range for the proposed offering have not yet been determined. However, the company's track record and partnerships with major financial institutions and tech companies indicate a strong potential for success in the public markets.

References
[1] https://www.bloomberg.com/news/articles/2025-08-04/blockchain-based-lender-figure-files-confidentially-for-us-ipo
[2] https://www.mitrade.com/cn/insights/news/live-news/article-3-1008188-20250804