With rising profits, renewed leadership, and crypto momentum, Figure Technology’s public debut signals a new chapter for fintech and its embattled founder
Figure Files to Go Public on Nasdaq
Blockchain lending startup Figure is headed to Wall Street.
On Monday, Figure Technology filed to go public on Nasdaq, revealing a 22.4% revenue jump to $191 million and a $29 million profit in the first half of 2025 — a stark turnaround from the $13 million loss it posted a year prior.
- Figure’s IPO comes amid a hot streak for crypto-related listings, with Circle and Bullish recently surging post-debut.
- Goldman Sachs, Jefferies, and BofA Securities are lead bookrunners for the offering.
- The number of shares and price range are yet to be disclosed.
A Return to Public Markets for Mike Cagney
Founder Mike Cagney reemerges after his high-profile exit from SoFi.
Cagney, who co-founded Figure in 2018 after leaving SoFi amid sexual harassment allegations, is making his return to the public market—this time with blockchain as the foundation.
- SoFi, which went public via SPAC in 2021, has performed well recently, with its stock up over 200% in the past year.
- Cagney’s new venture is positioned around real-world asset tokenization—a niche drawing interest from BlackRock, JPMorgan, and others.
Figure’s Blockchain Lending Ambitions
The company claims it’s the largest non-bank HELOC provider.
Figure’s services include home equity loans, mortgage refinancing, and personal and student lending—all powered by its proprietary Provenance blockchain.
- Figure boasts over 160 partners using its loan origination system and capital marketplace.
- In May, it expanded into crypto lending, securing a deal with Victory Park Capital for what it calls the first securitized pool of crypto-backed loans.
Strategic Moves and Executive Shifts
After multiple pivots, Figure seems ready for prime time.
The company has restructured leadership, appointing Michael Tannenbaum, former COO at Brex and Cagney’s SoFi colleague, as CEO in April 2024.
- Earlier this year, Figure spun off its crypto division, Figure Markets, only to merge it back in July, citing synergy with its real-world asset strategy.
- Its attempt to secure a national bank charter in 2020 was eventually withdrawn, but highlighted Cagney’s continued push for regulatory innovation.
Not Figure’s First IPO Attempt
Previous efforts to go public fell short.
This isn’t the first time Figure has tried to enter public markets. A SPAC merger with Figure Acquisition Corp. was scrapped due to rising interest rates and poor redemption performance.
- A planned merger with Homebridge Financial Services in 2022 also collapsed, citing regulatory delays after 10 months.
- The current IPO plan appears more viable, bolstered by strong financials and a more favorable crypto policy environment under the Trump administration.
Riding the Crypto IPO Wave
Figure is the latest in a wave of crypto-aligned firms going public.
Following the blockbuster IPO of Circle, which saw shares rise over 500% in two weeks, and strong public debuts by Bullish and Gemini, Figure’s IPO aims to ride this momentum.
- The company’s emphasis on blockchain-powered financial products positions it squarely in the crypto-fintech crossover zone.
- The recent crypto-positive stance of the U.S. government is giving regulatory tailwinds to firms in the space.
