Blockchain Lending Giant Seeks $4.5B Valuation as Fintech Rebound Gains Momentum

Figure Technology Solutions, a blockchain-based consumer lending platform, has set terms for its initial public offering (IPO) as it moves forward with plans to list on the Nasdaq under the ticker symbol "FIGR." The company, which operates a vertically integrated suite of blockchain-based solutions in consumer credit and digital assets, aims to raise $500 million by offering 26.3 million shares at a price range of $18 to $20 per share. At the midpoint of the proposed range, the company’s fully diluted market value would reach approximately $4.5 billion, surpassing the $4 billion valuation target outlined in its public listing plans [1].

Founded in 2018, Figure has developed a platform that integrates blockchain technology into its lending, trading, and investing operations. The company has focused its infrastructure on the home equity line of credit (HELOC) market, a sector where it has established a differentiated presence. Figure originates loans directly to borrowers while also providing partner-branded solutions for mortgage originators, servicers, banks, and credit unions to use its technology in loan origination and distribution [1].

According to the IPO filing details, 18% of the shares offered will be classified as secondary shares, meaning they are being sold by existing shareholders rather than the company. Specifically, certain selling shareholders plan to sell 4.85 million of the 26.3 million shares being offered. The company will not receive proceeds from these secondary shares. In addition, the underwriters have been granted a 30-day option to purchase up to 3.95 million additional shares, which could raise the total offering size beyond the initial $500 million target [2].

Goldman Sachs, Jefferies, BofA Securities, Societe Generale, Keefe Bruyette Woods, and Mizuho Securities are the joint bookrunners for the offering, which is expected to price during the week of September 8, 2025. The company reported $375 million in sales for the 12 months ended June 30, 2025, reflecting strong growth and expansion in its operations [1].

Figure's move to go public comes amid a broader resurgence in the IPO market, particularly within the fintech and technology sectors. The company's blockchain-based infrastructure and focus on consumer credit position it at the intersection of financial services and digital innovation, two areas that have seen increasing investor interest in recent months [1]. While the IPO market has historically been volatile, the current climate appears more favorable, with several high-profile fintech companies preparing or beginning their public listings [3].

The offering represents a significant milestone for Figure Technology Solutions, which has grown rapidly since its founding and now operates on a global scale. The company’s ability to integrate blockchain into traditional lending and financial services has allowed it to expand into new markets while maintaining a focus on technological innovation and scalability. As it moves toward a public listing, Figure will be under increased scrutiny from investors, analysts, and regulators, all of whom will be closely watching the company’s performance in the public market.

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[1] Blockchain-powered lending platform Figure Technology sets terms for $500 million IPO (https://www.renaissancecapital.com/IPO-Center/News/113150/Blockchain-powered-lending-platform-Figure-Technology-sets-terms-for-$500-m)

[2] Figure Technology Solutions plans to issue 26315789 Class A common shares (https://www.bitget.site/news/detail/12560604946401)

[3] The IPO Market Is Opening Up. These 14 Companies Could Be Next (https://news.crunchbase.com/public/ipo/public-market-opening-predictive-intelligence-ai-2025-forecast/)