Figure Technology Solutions, a blockchain-powered fintech company specializing in mortgage and lending services, is reportedly gearing up for its initial public offering (IPO) on the Nasdaq.
Co-founded by SoFi veteran Mike Cagney, the San Francisco-based firm is aiming to secure a valuation of approximately $4.1 to $4.3 billion by raising around $526 million through the sale of 26.3 million shares, priced between $18 and $20 each.
The IPO, set to price on September 10, 2025, is being led by prominent underwriters Goldman Sachs, Jefferies, and BofA Securities, with the company’s shares expected to trade under the ticker “FIGR.”
This move positions Figure among a wave of cryptocurrency and blockchain-oriented firms, such as Gemini, seeking to capitalize on investor enthusiasm for financial technologies.
At the core of Figure’s operations is its proprietary Provenance blockchain, a technology that has enabled the company to streamline home equity lending.
By leveraging blockchain, Figure claims it can reduce the time required to process a home equity line of credit (HELOC) from an industry average of over 40 days to as little as 10 days.
Since its founding in 2018, the company has facilitated over $16 billion in HELOCs, serving homeowners across 49 states.
This efficiency has made Figure a standout in the fintech space, particularly in the home equity lending market, where speed and accessibility are critical.
The company’s platform not only supports its own lending operations but also offers a wholesale and private-label HELOC origination system, allowing other financial institutions to integrate Figure’s blockchain-based infrastructure into their processes.
The IPO filing reportedly comes on the heels of significant financial growth for Figure.
In the first half of 2025, the company reported revenues of $191 million and a profit of $29 million, a stark improvement from the $13 million loss recorded in the same period the previous year.
This turnaround underscores Figure’s ability to scale its operations and attract investor confidence.
The company’s 2021 valuation of $3.2 billion, achieved through a $200 million Series D funding round led by 10T Holdings, has now climbed significantly, reflecting the growing market appetite for blockchain-powered financial solutions.
Figure’s recent merger with Figure Markets, a blockchain-based marketplace venture, further expands its reach into digital asset services, reinforcing its commitment to transforming traditional lending and securitization processes.
Figure’s IPO is part of a broader trend of blockchain and crypto firms entering public markets, driven by a favorable regulatory environment under the Trump Administration and increasing institutional interest.
Alongside Figure, other players like Gemini, which recently filed for a $317 million IPO, and Kraken, rumored to be pursuing a $500 million offering in 2026, are also tapping into this momentum.
The success of these ventures signals a maturing crypto sector, with blockchain technology gaining traction as a tool to enhance efficiency in traditional finance.
Figure’s Provenance blockchain, for instance, not only accelerates loan processing but also provides a transparent and secure framework for tracking ownership and verifying transactions, which could set a new standard for the mortgage industry.
For mortgage brokers and loan officers, Figure’s rise presents both opportunities and challenges.
The company’s technology could pressure traditional lenders to adopt similar digital tools to remain competitive, while its wholesale platform offers potential partnerships for those looking to modernize their operations.
If Figure’s IPO does reasonably well, it might pave the way for broader acceptance of blockchain in mainstream financial markets, validating its potential to enhance mortgage financing.
As Figure prepares to go public, its focus on faster HELOCs and digital lending infrastructure potentially positions it as a key player in the fintech space.
