(Bloomberg) — Blockchain-based credit company Figure Technology Solutions Inc. has filed confidentially for an initial public offering, making it the latest crypto-related firm to take part in the industry’s aggressive push into public markets.
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The number of shares to be offered and the price range for the proposed offering have not yet been determined, according to a statement Monday. Figure was working with banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Financial Group Inc. in 2023 on an IPO for its lending arm, Bloomberg News reported at the time.
Figure was co-founded in 2018 by Mike Cagney, who was part of the team that started SoFi Techologies Inc. and stepped down as chief executive officer in 2018. The company develops blockchain technology to facilitate home loans and also offers crypto-backed loans, according to its website. Figure tapped Michael Tannenbaum as CEO in 2024.
The firm has funded around $16 billion in home equity loans, and partners with OpenAI Inc. and Alphabet Inc., the website shows.
Figure’s investors include Apollo Global Management Inc., 10T Holdings LLC and Ribbit Capital, among others, according to its website.
