Figure Technologies, the blockchain-focused lender co-founded by SoFi’s Mike Cagney, has priced its initial public offering at $25 per share, a deal that will raise approximately $787.5 million. Shares of Class A stock are scheduled to begin trading on the Nasdaq under the ticker FIGR on Sept. 11.
The offering totals 31.5 million shares, with roughly 23.5 million coming directly from Figure and about 8 million sold by existing shareholders. Underwriters also hold an option to buy an additional 4.7 million shares, which could expand the offering if exercised. The deal is led by Goldman Sachs, Jefferies and BofA Securities, alongside other banks including Societe Generale, Stifel and Mizuho. The offering is expected to close on Sept. 12, pending customary closing conditions.
Figure says it has helped originate more than $16 billion in home-equity loans, positioning itself as one of the largest non-bank providers in that market by using blockchain and tokenization to streamline lending and secondary-market distribution of loans.
Why it matters: The IPO is a milestone for companies that combine traditional lending products with blockchain infrastructure. A public listing gives Figure broader access to capital and visibility for blockchain-based finance models, and could encourage other fintechs to pursue similar tokenized approaches to asset distribution.
Risk note: Investors should weigh typical IPO risks — market volatility, execution risk and regulatory uncertainty around tokenization and blockchain-finance models — before participating.
Source: Business Wire. Read the original coverage for full details.