FIGR’s $788M IPO Rockets Past Range—Figure Wants to Put Your Mortgage and Its Stock on the Blockchain

Figure is a blockchain-native financial technology platform that set out to rebuild the plumbing of consumer credit and capital markets. The core idea: originate loans on-chain, move them through funding and secondary markets on-chain, and settle/track ownership on-chain—shrinking time, cost, and operational risk versus legacy rails. Practically, Figure began as a direct-to-consumer HELOC originator, then pivoted to a B2B2C model: over ~160 partners (including a large share of top retail mortgage shops) use Figure’s loan-origination system (LOS) and on-chain infrastructure to originate and distribute credit. Revenue comes from several streams: usage-based ecosystem and technology fees from partners transacting on Figure’s marketplaces and software; origination/gain-on-sale/servicing revenue tied to loans flowing through the LOS; and interest income on retained interests.

The tech spine is the Provenance Blockchain, where Figure records assets and lifecycle events. Its DART registry (lien and eNote) and automated workflows replace slow, manual steps like appraisals and title searches; Figure cites a median HELOC funding time of ~10 days versus a ~42-day industry median, and average production cost per loan of ~$730 versus a ~$11,230 mortgage-industry average. Since launch, the platform has processed over $50B in on-chain real-world and digital asset transactions, with roughly $11B in RWA TVL and an estimated ~75% share of tokenized private credit (as of Aug 1, 2025). Gas fees on Provenance are paid in the HASH token; Figure notes the per-transaction cost has averaged under one HASH (≈ $0.026), and it currently covers those fees for ecosystem participants.

IPO details: bigger, richer, and above the range Investor demand showed up in size. Figure sold 31.5M Class A shares at $25—well above a range that was raised twice (from $18–$20, then $20–$22). The deal was upsized from ~26.3M shares earlier in the week. Of the 31.5M, ~23.51M are primary shares (to the company) and ~7.99M come from selling holders; underwriters have a 30-day option for up to 4.725M additional shares. Proceeds at pricing are ~$787.5M, implying a market value around $5.3B on ~211.7M Class A/B shares outstanding post-offering (ex-greenshoe). Lead underwriters: Goldman Sachs, Jefferies, and BofA Securities; bookrunners include Société Générale, KBW, and Mizuho, with a broader syndicate of co-managers. Bottom line: yes, it priced above the range—and yes, the deal size increased.

Business breakdown: beyond HELOCs, toward a blockchain capital market Figure’s initial wedge was HELOCs, where its speed and cost advantages are clearest. It then built Figure Connect, a marketplace connecting originators and loan buyers, and Democratized Prime, an on-chain lend/borrow venue. The company argues that AI-driven automation plus blockchain transparency reduces frictions from application through securitization. In 2020, Figure executed what it calls the first securitization of blockchain-native consumer loans. Management plans to expand into broader consumer and private-credit categories and support digital-asset/stablecoin marketplaces (it recently issued an SEC-approved YLDS stablecoin).

Ambition runs high: Executive Chairman Mike Cagney told CNBC he wants Figure to be among the “Mag 7” of Web3 and is preparing a “fast follow” after the IPO—issuing a blockchain-native version of its equity that lives entirely on-chain, enabling self-custody and potentially letting investors capture more of the economics from stock lending. The vision is to displace some legacy intermediaries (e.g., DTCC) with programmable market infrastructure.

Recent financials: growth, operating leverage, and a turn to profitability Figure is arriving public with momentum and positive earnings:

• FY2024: $341M net revenue; $20M net income; Adjusted EBITDA $101M, up from 2023’s $210M revenue and ($52M) net loss.
• 1H25: $191M net revenue; $29M net income; Adjusted EBITDA $83M.

Under the hood, the mix is shifting toward higher-quality, recurring platform economics. In 2024, about 82% of net revenue came from LOS-driven origination/gain-on-sale/servicing/interest; by 1H25 that fell to ~76% as ecosystem and technology fees (Connect, platform usage) scaled faster. Ecosystem/tech fees grew triple digits year over year (hundreds of percent) as partner-branded volumes ramped and securitizations increased. Servicing fees rose alongside a servicing UPB that reached $9.6B of HELOCs by June 30, 2025 (up ~48% y/y), partially offset by lower average servicing fee rates as the book scaled. Interest income also increased as Figure retained more securitization interests and grew digital-asset-secured personal loans.

Profitability? Yes—Figure posted positive net income in 2024 and 1H25, aided by operating leverage in software and marketplaces. That said, management is candid about concentration risk: ~99% of originations in 1H25 were HELOCs, leaving the business sensitive to housing/consumer rate cycles until product breadth expands.

How Figure uses blockchain—beyond the buzzwords Three practical advantages define the pitch:

Transactional efficiency: automated income verification, digital lien matching, on-chain eNotes, and remote closing compress time-to-funding and headcount needs.

Liquidity/standardization: a shared ledger of ownership and asset history aims to cut friction in whole loan sales and securitizations, with DART acting as a canonical registry.

Programmability: on-chain rails (with de minimis gas costs) let participants transact bilaterally with fewer intermediaries, which Figure believes will unlock new, lower-cost capital routes.

Key metrics to watch post-IPO

• Partner adoption: number of institutions using the LOS/Connect; % of originations running through DART (already jumped from 2% in 2024 to ~80% in 1H25).
• Ecosystem & tech fees growth: trajectory of platform revenue versus origination-dependent revenue.
• HELOC volumes & diversification: pace of non-HELOC products (personal/asset-backed credit) to reduce concentration risk.
• Servicing UPB and securitization cadence: scaling of on-chain secondary and funding markets.
• Unit economics & margins: production cost per loan, Adjusted EBITDA margin, and gain-on-sale trends.
• Tokenized credit share and on-chain equity roadmap: Figure’s share of RWA/private credit and timing/progress on a blockchain-native share class.
• Regulatory posture: stablecoin and market-structure developments that could accelerate—or constrain—on-chain finance.

The takeaway Figure’s thesis is straightforward and ambitious: rebuild a large chunk of consumer credit and its capital markets on programmable, low-cost rails—and keep the economics. The IPO’s upsizing and above-range pricing suggest investors buy the story. Now the burden shifts to execution: broadening beyond HELOCs, compounding high-margin platform fees, and proving that on-chain markets can scale from novel to normalized—without losing speed, compliance, or control. In other words, time to figure it out in public.