Blockchain lending startup Figure Technology files for IPO as revenue surges 22%

Blockchain lender Figure Technology is stepping onto Wall Street, filing paperwork for an initial public offering (IPO) after a sharp jump in revenue and a swing to profitability in the first half of 2025.

The New York–based startup reported revenue of $191 million for the six months ending June 30, up 22% from a year earlier. Net income came in at $29 million, a reversal from a $13 million loss during the same stretch last year.

In a separate filing, the company disclosed that it posted $43.8 million in revenue and $29.1 million in profit for the six months ended June 30, 2024, compared with just $12.5 million in revenue and a $15.6 million loss a year earlier, Reuters reported.

The IPO lands during a moment when crypto-linked firms are lining up to test investor appetite in the public markets. The blowout debut of stablecoin issuer Circle and a more crypto-friendly environment under the Trump administration have opened the door for a wave of listings. Just last week, Gemini, the crypto exchange founded by the Winklevoss twins, filed for a New York IPO.

From SoFi to Figure: Mike Cagney’s Blockchain Startup Prepares for Nasdaq IPO Listing

Figure, founded in 2018 by SoFi co-founder Mike Cagney, positions itself as a blockchain-native platform that supports lending, trading, and investing across consumer credit and digital assets. The company and its more than 160 partners have originated over $16 billion in home equity loans to date.

Cagney framed the IPO as a step toward bringing blockchain into the heart of financial markets. “Blockchain can do more than disrupt existing markets. By taking historically illiquid assets – such as loans – and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such,” he said in the filing.

Investors appear to be listening. Figure last raised $200 million in 2021 at a $3.2 billion valuation. This time around, Goldman Sachs, Jefferies, and BofA Securities are leading the offering, with shares set to list on Nasdaq under the ticker “FIGR.”

Cagney will maintain majority voting control after the IPO. As Josef Schuster, CEO of IPOX, put it: “Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO- but also through deSPAC transactions.”

For Figure, the listing is a way to cement its role as one of the few blockchain players proving that digital finance can deliver not just hype, but profits.