Figure’s IPO filing marks Mike Cagney’s return to public markets

Summary

Figure Technology, a seven-year-old blockchain-based lending company, has filed for an IPO of its Class A common stock on Nasdaq, with Goldman Sachs, Jefferies, and BofA Securities serving as its lead bookrunners. The number of shares on offer and price range have not yet been determined. Figure says in its IPO paperwork that its revenue rose 22.4% to $191 million in the six months ended June 30, and that it reported a profit of $29 million in the same period, compared with a loss of $13 million a year earlier. The filing offers a chance at vindication for Figure co-founder Mike Cagney, who previously built SoFi before leaving the personal finance platform in 2017 following sexual harassment allegations. SoFi went public in 2021 via a special purpose acquisition company (SPAC) merger and has done pretty well as a public company — its stock is up over 200% in the past year, and its revenue rose 44% in the second quarter of 2025. Since its founding in 2018 , Figure has established itself as one of the bigger players in blockchain-based lending, claiming more than 160 partners for its loan origination system and capital marketplace. Figure claims to be the largest non-bank provider of home equity lines of credit. The company, which Cagney founded with his wife June Ou, uses blockchain technology through its Provenance blockchain to speed along approvals for home equity loans, mortgage refinancing, and student and personal loans. In May, Figure said it was also expanding into cryptocurrency lending, signing a financing agreement with Victory Park Capital for what Figure described as the industry’s first securitized pool of crypto-backed loans. That product allows asset owners to borrow against their Bitcoin and Ethereum holdings with loan-to-value ratios up to 75%. Techcrunch event San Francisco | October 27-29, 2025 Terms of that deal with Victory Park were not disclosed. Cagney has a history of ambitious regulatory moves. As TechCrunch reported in late 2020, during th...