Figure Files for IPO on Nasdaq as Blockchain Lending Firm Turns Profitable

Figure Technology Solutions, a fintech firm leveraging blockchain to modernize lending and capital markets, has officially filed its initial public offering (IPO) registration with the U.S. Securities and Exchange Commission (SEC) on Form S-1. The company, which previously submitted a confidential filing in August, aims to list its common stock on Nasdaq under the ticker symbol “FIGR,” with Goldman Sachs, Jefferies, and Bank of America serving as lead underwriters [1].

The IPO marks a pivotal moment for Figure, which reported a 22% year-over-year revenue increase in the first half of 2025, driven by fees from its Connect platform, as well as growth in partner-branded loan products and securitization activity. The company also achieved profitability for the first time, posting a net income of $29.1 million in the first half of 2025, compared to a $15.6 million loss in the same period the previous year [1].

The shift to profitability was supported by a significant decline in equity-based compensation and increased interest income from retained interests and digital asset-backed loans. In the second quarter of 2025 alone, operating income grew nearly 260%, reflecting strong cost control and operational efficiency [1].

Founded in 2018 by Mike Cagney, a former co-founder and CEO of SoFi Technologies, Figure has already demonstrated its scalability, having facilitated the origination of over $16 billion in home equity loans. The company was valued at $3.2 billion in a 2021 venture-backed funding round [1].

The public offering is not only a milestone for Figure but also a reflection of a broader trend in fintech, where blockchain is increasingly being integrated into traditional financial systems. The technology is being recognized for its potential to reduce fraud, enhance data accuracy, and accelerate transaction speeds, offering a more transparent and efficient alternative to conventional lending models [2].

Analysts suggest that Figure’s IPO could serve as a bellwether for the sector, demonstrating the viability of blockchain-based lending and encouraging further innovation in financial technology. The company’s ability to attract a diverse investor base could further solidify its market presence and expand its influence in the credit market [3].

The timing of the filing is strategically significant as the fintech sector continues to evolve, with more companies seeking access to public capital markets to scale operations and invest in technological innovation. Figure’s IPO is expected to draw interest from both institutional and retail investors, given its demonstrated revenue growth and innovative business model. The public offering may also prompt increased regulatory attention, as market activity in the blockchain lending space grows [1].

By going public, Figure is positioning itself for long-term growth and leadership in the blockchain lending industry. Its transparent financial reporting and strategic use of blockchain technology are key differentiators that could set it apart from traditional lenders. As the financial sector continues to embrace digital transformation, Figure’s IPO represents a major step forward in the convergence of blockchain and finance [2].

Source:

[1] Crypto Briefing - Bitcoin, Ethereum and the future of finance, https://cryptobriefing.com/

[2] Latest IPO News, https://stockanalysis.com/ipos/news/

[3] Bursa Malaysia reprimands PIE Industrial, https://www.thestar.com.my/business/business-news/2025/08/19/bursa-malaysia-reprimands-pie-industrial