Figure Technology Solutions made its public debut this week on Nasdaq under the ticker FIGR, pricing its initial public offering at $25 a share on Sept. 10. Shares opened the next morning at $36 and closed the first day at $31.11 after trading between $30.13 and $38.05. On Sept. 12, the second day of trading, the stock moved between $30.01 and $36.58.
The debut gives the San Francisco-based company new resources and visibility to expand its mortgage footprint. Figure built its name on a fully digital home equity line of credit (HELOC) loans and has since layered in infrastructure aimed at bringing more liquidity to non-agency loans.
With capital from the IPO, the company is positioned to accelerate that dual strategy. As Worldbuilding In Mortgage Land detailed earlier this year, the long-term vision is a market where borrowers tap equity quickly and originators sell loans through a transparent, agency-style outlet even when they don’t fit GSE guidelines.
Proceeds Will Fuel Trading Rails, Blockchain Registry
The offering was upsized to 31.5 million shares, including 23.5 million newly issued. Underwriters also hold a 30-day option for another 4.725 million shares. The proceeds are set to expand Figure Connect, a marketplace that allows non-agency loans to trade in a forward-commitment style, and DART, the company’s blockchain-based registry for liens and asset ownership.
Both initiatives are designed to address one of the mortgage industry’s core challenges: providing reliable take-outs for loans that fall outside agency eligibility.
Home Equity Lending Still Powers Business Model
While the company’s infrastructure ambitions draw attention, its revenue still depends heavily on home equity products. According to its SEC filing, Figure originated about $6 billion in home equity lending in the 12 months ending June 30, 2025, up nearly 30% year over year. Roughly $1.3 billion of that total volume flowed through the Figure Connect marketplace.
Cumulative home equity originations since inception have now topped $16 billion. In the first half of 2025, home equity loans — predominantly HELOCs — generated about 75% of company revenue, underscoring how central the product remains to Figure’s business model.
The company also reports that more than 160 institutions use its origination system and marketplace, numbers it expects to grow as it scales liquidity and distribution.
What Brokers And LOs Should Watch
Borrower demand for HELOCs remains strong, with homeowners looking for equity access without refinancing into higher-rate mortgages. Figure’s fast processing times have made its product appealing, and brokers who can match that speed will be better positioned to capture business.
At the same time, the development of a TBA-style outlet for non-agency loans could improve execution on products where brokers have historically faced liquidity challenges. If successful, this could translate into sharper pricing and more confidence in take-outs.
Getting To This Point
Founded in 2018 by Mike Cagney and June Ou, Figure launched its first digital HELOC the same year. In 2023, the company introduced a wholesale HELOC model to bring the product into broker channels.
The following year, it appointed Michael Tannenbaum as CEO, launched a TBA market for non-agency loans, and added Ronald Chillemi as its first chief legal officer. The March 2024 IPO filing set the stage for this week’s debut.
Each step reflects the company’s dual identity: a lender expanding in home equity and a platform builder seeking to modernize secondary markets.
What Comes Next
The IPO closed Sept. 12, with underwriters holding an option for more shares until mid-October. As a public company, Figure will be expected to grow partner adoption and demonstrate that its blockchain registry and trading rails can handle scale.
For mortgage professionals, the near-term effects will be most visible in HELOC competitiveness and borrower demand. Longer term, the test will be whether Figure can deliver consistent liquidity for non-agency loans, reshaping how originators think about execution beyond the GSEs.
