Blockchain-Powered Lender Figure Technology Files for US IPO Following 22% Revenue Spike

Blockchain-based lender Figure Technology Solutions, co-founded by SoFi’s former CEO Mike Cagney, has publicly filed for an IPO on Monday.

The blockchain firm becomes the latest in a growing flurry of crypto-focused companies eyeing a public listing.

The New York-based company stated in a filing with the US SEC that its revenue soared 22% year-over-year to $191 million in the first half of 2025. Figure Tech also reported a net income of $29.1 million.

The company incurred a net loss of $15.6 million on revenue of $12.5 million in the same period a year earlier.

The initial public offering will list the company’s Class A common stock on the Nasdaq under the ticker ‘FIGR.’ Goldman Sachs Group Inc., Jefferies Financial Group Inc. and Bank of America Corp. are the lead underwriters.

Figure, which develops blockchain technology to facilitate loans, initially announced its IPO plans early this month. The company confidentially submitted a draft registration statement with the SEC for a proposed IPO of its equity securities.

@FigureMarkets submits confidential IPO filing as crypto companies rush to public markets following Circle's 160% debut surge and $4.2 billion Bullish exchange listing.#IPO #Cryptohttps://t.co/by14TZMfnn

The IPO filing comes amid Figure’s ongoing efforts to introduce an interest-bearing stablecoin, regulated as a security within the US.

Further, the 2024-2025 bull market has been particularly attractive due to a wave of industry IPOs. Crypto exchange operator Bullish made an impressive debut, pricing its IPO at $37 per share, valuing the exchange at $5.4 billion and raising $1.1 billion.

Earlier, stablecoin issuer Circle and Bitcoin-friendly design platform Figma went public, with Circle planning to launch a national trust charter.

“The IPO is one step in a long process to bring blockchain to all aspects of capital markets,” Cagney said in the Monday filing, adding that blockchains can do more than disrupt existing markets.

“By taking historically illiquid assets – such as loans – and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such,” he added.

Figure Technologies raised $200 million in a funding round in 2021, at a $3.2 billion valuation.

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