Blockchain-based credit company Figure Technology Solutions Inc. and some of its backers are seeking to raise US$526 million ($677.8 million) in an initial public offering.
The firm and its backers plan to market shares for US$18 to US$20 each, according to its filing Tuesday with the US Securities and Exchange Commission. The company is offering 21.5 million shares, and the shareholders are selling 4.9 million shares, the filing shows.
At the top of that range, Figure would have a market value of US$4.13 billion based on the outstanding shares listed in its filing. A 2021 venture-backed funding round valued the company at US$3.2 billion. Figure is expected to price the IPO on Sept. 10, according to a marketing presentation.
The company was co-founded in 2018 by Mike Cagney, who was previously chief executive officer of SoFi Techologies Inc. Figure, which develops blockchain technology to facilitate loans, tapped Michael Tannenbaum as CEO in 2024.
The firm started with home equity line of credit (HELOC) products, and additionally offers products including crypto-backed loans and a digital asset exchange, the filing shows. It has funded more than US$16 billion in loans on the blockchain.
Customers for partner-branded HELOC loans originated or purchased by Figure in six months ended June 30, 2025 had a weighted average FICO score of 756, versus a score of 749 for Figure-branded loans, the filing shows.
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In artificial intelligence, Figure is using OpenAI Inc.’s technology to help evaluate loan applications, and a chatbot powered by Alphabet Inc.’s Google Gemini, the website shows.
Figure had net income of US$29.1 million on revenue of US$190.6 million for the six months ending June 30, compared with a net loss of US$15.6 million on revenue of US$156 million in the same period a year earlier, the filing shows.
Investors in the company include Apollo Global Management Inc., 10T Holdings LLC and Ribbit Capital, according to the website. After the IPO, Cagney is expected to continue to control the majority of Figure’s voting power, the filing shows.
Goldman Sachs Group Inc., Jefferies Financial Group Inc. and Bank of America Corp. are leading the IPO. The shares are expected to trade on the Nasdaq Stock Market under the symbol FIGR.
