Blockchain lender Figure Technologies made its public debut this Thursday, pricing its shares at US$ 25 each and raising nearly US$ 788 million and reaching a US$ 5.3 billion valuation in one of the largest fintech offerings of the year. The company, based in San Francisco and founded by former SoFi chief executive Mike Cagney, is now trading on the Nasdaq under the ticker “FIGR”.
Founded in 2018, Figure uses blockchain technologies to match borrowers with lenders in the real state market for home loans. Its filings highlight that the platform can complete a home equity loan in about 10 days, far quicker than the industry norm of roughly six weeks. Since the start of operations, Figure has originated more than US$ 16 billion in home equity loans, making it the largest non-bank provider in that segment, according to the company.
The IPO marks a pivotal moment for the crypto fintech sector, which has faced tighter regulation and investor caution after the market turbulence of 2022 and 2023. Figure’s successful pricing signals that public markets remain receptive to fintechs with clear revenue streams and scalable lending models, especially those integrating blockchain into practical daily financial services.
Listing details
The public listing consists of 31.5 million shares, with 23.5 million issued by Figure and another 8 million sold by existing shareholders. Underwriters also have the option to purchase an additional 4.7 million shares, which could bring the total to 36.2 million. The deal gives the blockchain lender a strong cash infusion to expand its lending operations.
Goldman Sachs, Jefferies and BofA Securities acted as lead underwriters, supported by Société Générale, Stifel and Mizuho. The transaction follows last week’s upsizing of the IPO, which had initially been expected to raise only around US$ 526 million, underscoring investor demand for fintechs leveraging blockchain infrastructure, higher than expected.
The offering is scheduled to close tomorrow, September 12, subject to customary conditions. Analysts note that Figure’s challenge will be to sustain growth while navigating rising interest rates and heightened competition from banks and digital lenders. Still, the company’s entry to public markets cements its status as one of the highest-profile blockchain lenders to date.
