Figure Technologies Aims for $4.13 Billion Valuation in Nasdaq IPO Under Ticker FIGR

Figure Technologies is setting the stage for a significant market entry, targeting a valuation of up to $4.13 billion through its anticipated initial public offering on Nasdaq under the ticker FIGR. New filings with the U.S. Securities and Exchange Commission reveal that the financial technology firm, which specializes in blockchain-driven home equity financing, seeks to raise as much as $526 million from the share sale. The IPO will be managed with the underwriting participation of major financial institutions including Goldman Sachs, Jefferies, and BofA Securities.

Founded by Mike Cagney, co-founder of SoFi, Figure Technologies has carved a niche in the real-world asset sector, particularly through the use of its proprietary Provenance blockchain platform. With a robust track record, the company has originated over $16 billion in home equity lines of credit. Recently, Figure expanded its operational capabilities through a merger with Figure Markets, enhancing its product offerings with a blockchain marketplace and the issuance of YDLS, a tokenized money market fund.

The proposed IPO will see Figure offering 21.46 million shares, while existing shareholders will release an additional 4.85 million shares, with an expected price range of $18 to $20 per share. This financial maneuver is poised to capture investor interest in the burgeoning fintech sector, especially among those eager to tap into blockchain's transformative potential in financial services.

Figure’s trajectory includes impressive financial growth, reporting a net income of $20 million in 2024 on net revenue of $341 million. This was a marked improvement from 2023, where the company posted a net loss of $52 million against net revenue of $210 million. For the first half of 2025, Figure announced net earnings of $29 million, a significant turnaround from a net loss of $13 million in the previous year.

The company’s platform, renowned for its efficiency and the ability to facilitate swift, secure loan processing, has been instrumental in originating $17 billion in home equity loans since its inception. These loans have been dispersed to homeowners across 49 states, demonstrating Figure's extensive reach and market penetration.

Figure Technologies, headquartered in New York City, joins the wave of fintech firms seeking to go public, reflecting growing investor confidence in the sector's innovative offerings. The firm's strategic push into the equity markets comes as part of a broader trend of crypto-linked companies testing public interest, indicative of a renewal in appetite for fintech-driven solutions.

The IPO not only underscores Figure's successful integration of blockchain technology into lending practices but also highlights its potential for future growth as it continues to pioneer new financial products. As the fintech sector continues to evolve, Figure Technologies underlines the possibilities of leveraging blockchain technology for enhancing efficiency and transparency in financial services.