Figure Technology Solutions Boosts IPO Range 11% to 22 Dollars Per Share

Figure Technology Solutions Inc., a blockchain-based lending company, is set to go public on the Nasdaq in the near future. The company has increased its offering range from 18 to 20 dollars to 20 to 22 dollars per share, and the offering size from 26.32 million shares to 31.5 million shares, with a maximum fundraising target of 693 million dollars. Figure aims for a valuation of 4.1 billion dollars, making it the third major cryptocurrency industry company to go public after Circle and Bullish.

Figure was founded in 2018 by Mike Cagney, a co-founder of SoFi. Cagney's background in financial technology, having served as CEO of SoFi until 2018, has provided Figure with a strong foundation in the industry. The company's core business revolves around developing blockchain technology to facilitate lending services. Figure's initial focus was on home equity lines of credit (HELOC), a popular financing method among American residents. However, the traditional process is cumbersome, taking an average of 40 days. Figure has streamlined this process using its proprietary Provenance blockchain, reducing the approval period to around 10 days.

According to the prospectus, Figure's revenue for 2023 and 2024 is projected to be 210 million dollars and 341 million dollars, respectively. The company's operating profit for these years is expected to be -49.44 million dollars and 9.24 million dollars, with net profits of -52.44 million dollars and 19.92 million dollars, respectively. In the first half of 2025, Figure's revenue reached 191 million dollars, a 22.4% increase from the previous year. The primary source of income is from selling loan benefits, with 68.34 million dollars generated in the first half of 2025, compared to 58.64 million dollars in the same period last year. Additionally, Figure earned 43.75 million dollars from ecosystem and technology fees, and 32.64 million dollars from interest income, compared to 12.51 million dollars and 19.7 million dollars, respectively, in the previous year.

Figure's net profit for the first half of 2025 was 29.38 million dollars, a significant improvement from the net loss of 13.4 million dollars in the same period last year. The company's adjusted EBITDA for the first half of 2025 was 83.44 million dollars, up from 36.54 million dollars in the previous year. Major shareholders before the IPO include DCM with 11.3% of Class A shares and 3.2% voting rights, and Ribbit Capital with 10.9% of Class A shares and 3.1% voting rights. Other significant shareholders are Gemini Investments with 6.1% of Class A shares and 1.7% voting rights, and Morgan Creek with 5.3% of Class A shares and 1.5% voting rights. The founder, Mike Cagney, holds 8.4% of Class A shares and 100% of Class B shares, giving him 75.9% of the voting rights. RPM holds 4.8% of Class A shares and 1.4% of the voting rights, while Larry Conroy holds 1.1% of Class A shares.

Post-IPO, DCM will hold 9.9% of Class A shares and 3% of the voting rights, while Ribbit Capital will hold 8.4% of Class A shares and 2.6% of the voting rights. Gemini Investments will hold 5.3% of Class A shares and 1.6% of the voting rights, and Morgan Creek will hold 4.6% of Class A shares and 1.4% of the voting rights. The founder, Mike Cagney, will retain 6.5% of Class A shares and 100% of Class B shares, giving him 72.9% of the voting rights. RPM will hold 3.9% of Class A shares and 1.2% of the voting rights. The roadshow presentation for Figure's IPO has been leaked, providing insights into the company's strategy and financial projections.