tl;dr
Figure Technology Solutions (FTS), founded in 2018 by Mike Cagney, has confidentially filed for an IPO with the SEC, targeting a 2025 public debut. The company develops blockchain-based financial infrastructure and offers mortgage lending through HELOCs, with over $5 billion in originations and part...
Figure Technology Solutions (FTS) has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), aiming for a public debut in 2025. Founded by Mike Cagney, co-founder and former CEO of SoFi, Figure is part of a growing wave of cryptocurrency companies entering public markets, following others like BitGo, Circle, Grayscale, and Gemini.
Founded in 2018, Figure Technology builds blockchain-based financial infrastructure and offers mortgage lending services through home equity lines of credit (HELOCs). The company also operates a cryptocurrency exchange and securitization platform. Recently, Figure reported a 50% increase in lending volume, surpassing $5 billion in HELOC originations, backed by partnerships with entities such as Credit Karma and Guaranteed Rate.
The timing of Figure’s IPO filing benefits from a new SEC policy effective March 2025, which broadens eligibility for nonpublic draft registration review, allowing companies to begin the filing process earlier and without initial underwriter disclosures. Although many crypto companies delayed IPO plans earlier in 2025 due to market uncertainty, Figure has chosen to proceed to gain a first-mover advantage and to solidify its legitimacy by going public.
Since filing its S-1 in March 2024, Figure has focused on restructuring and leadership changes, including reorganizing Figure Lending LLC under the Figure Technology Solutions brand. The company appointed Ronald Chillemi as Chief Legal Officer and Corporate Secretary to enhance governance and regulatory preparedness. Reports indicate that major investment banks such as Goldman Sachs, JPMorgan, and Jefferies are involved in positioning the IPO, with interest from institutional investors like BlackRock, SoftBank, and Tiger Global, though these details remain unconfirmed.