Figure Technology Solutions, the blockchain-based mortgage and lending fintech co-founded by SoFi veteran Mike Cagney, is preparing to debut on Wall Street next week.
The company is looking to raise approximately $526 million in its initial public offering through the sale of roughly 26.3 million shares, with an anticipated price range of $18 to $20 per share, according to Reuters. That pricing would place its valuation between $4.1 billion and $4.3 billion.
San Francisco-based Figure plans to list its shares on the Nasdaq under the ticker “FIGR.” The IPO will be led by Goldman Sachs, Jefferies, and BofA Securities, Reuters reported.
The company first confidentially filed with the U.S. Securities and Exchange Commission in August and aims to price its stock on Sept. 10, 2025, positioning itself among a wave of newly public crypto-oriented firms, including Gemini and Klarna, according to Cointelegraph.
Figure’s central business is home equity lending. By using its proprietary Provenance blockchain, the firm claims it can shorten the average timeline for a home equity line of credit (HELOC) from more than 40 days to as little as 10.
Since launching, the company has originated over $16 billion in home equity loans. Its filing shows $191 million in revenue in the first half of 2025, with a net profit of $29 million — a significant turnaround from a $13 million loss in the same period a year earlier, Reuters reported.
Changes To Watch For
Mortgage brokers and loan officers could find themselves competing with or even leveraging Figure’s platform, which is not limited to its own lending. The fintech also offers a wholesale and private-label HELOC origination system that financial institutions can integrate into their operations. By providing blockchain-based infrastructure, Figure says it aims to streamline origination and servicing across the industry.
If its IPO succeeds, Figure could become one of the first blockchain lenders to gain mainstream acceptance on public markets, validating the technology’s potential to modernize mortgage finance. For originators, it may accelerate pressure to adopt new digital tools — or to partner with fintechs — to keep pace with a company promising to turn weeks-long processes into days.
