Figure IPO Aims to Raise $526.3M, Valuation Reaches $4.13B

Figure, a blockchain startup, plans to sell 21.3 million shares at $18-$20 each in an IPO, aiming to raise $526.3 million and reach a valuation of up to $4.13 billion. Founded in 2018 by ex-SoFi CEO Mike Cagney, the company has seen growth in revenue and net income in the first six months of 2025. Goldman Sachs, Jefferies, and BofA Securities are the lead underwriters. Figure joins a list of other fintech and crypto companies testing the IPO waters.

Figure Technologies, a blockchain-based lending startup, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, aiming to raise $526.3 million by selling 21.3 million shares at $18-$20 each. The IPO is set to list on the Nasdaq under the ticker FIGR. The company, founded in 2018 by former SoFi CEO Mike Cagney, is seeking a valuation of up to $4.13 billion. Goldman Sachs, Jefferies, and BofA Securities are the lead underwriters [1].

Figure Technologies has seen significant growth in its financial performance. In the first six months of 2025, the company reported revenue of $190.6 million and net income of $29.1 million, compared to $156 million in revenue and a $15.6 million loss in the same period in 2024 [2].

The company's core proposition lies in its ability to disrupt traditional lending models. By leveraging its proprietary Provenance blockchain, Figure Technologies has slashed home equity loan processing times from the industry average of 42 days to just 10 days. This efficiency reflects a fundamental reengineering of risk assessment, documentation, and fund disbursement [3].

The IPO reflects growing investor pragmatism toward blockchain use cases. Figure Technologies' profitability and regulatory compliance set a blueprint for crypto-linked fintechs, signaling a strategic entry point for investors into the fintech sector [3]. The company's valuation, at a 22x price-to-revenue multiple, indicates confidence in blockchain's mainstream finance integration and potential expansion into new asset classes [3].

For investors, Figure Technologies' IPO offers exposure to a high-growth fintech and a bet on blockchain's integration into mainstream finance. The company's operational metrics justify its valuation, and its blockchain infrastructure positions it to expand into other asset classes [3].

Risks include regulatory uncertainty around tokenized assets and competition from traditional banks and pure-play fintechs. However, Figure Technologies' first-mover advantage and demonstrated profitability mitigate these concerns [3].

Figure Technologies' IPO is a significant milestone for the company and the fintech sector. It represents a rare alignment of technological promise, financial performance, and market timing. The question for investors is not whether blockchain will reshape finance but how quickly they will act to capitalize on it [3].

References:
[1] https://www.ainvest.com/news/blockchain-driven-lending-fintech-ipo-boom-figure-technologies-ipo-signals-strategic-entry-point-investors-gen-fintech-sector-2509/
[2] https://crypto.news/blockchain-lender-figure-files-for-526m-nasdaq-ipo-targets-4-1b-valuation/