Blockchain Lending Pioneer Figure Files for $526 Million IPO
On September 2, Figure, a blockchain lending innovator, made waves by filing for an Initial Public Offering (IPO). The company aims to secure $526 million through this move. As reported by Bloomberg, this step highlights how crypto firms are gaining traction in mainstream markets.
Figure plans to list on the Nasdaq under the ticker “FIGR.” Its proposed share price ranges between $18 to $20. The company will sell 21.5 million shares,with existing shareholders offloading another 4.9 million. A $20 share price would value Figure at around $4.13 billion.
In 2021,Figure’s valuation stood at $3.2 billion following a funding round. Notable investors include Apollo Global, ribbit Capital, and 10T Holdings.Post-IPO, co-founder Mike Cagney, former CEO of SoFi, will hold majority voting rights.
- Figure achieved $190.6 million in revenue for the first six months of 2023, up from $156 million in 2022.
- The firm turned a $29.1 million profit in the same period, compared to a $15.6 million loss last year.
- Sence its inception, Figure has completed $16 billion in blockchain loans.
Cagney established Figure in 2018 to specialize in blockchain lending, following his departure from SoFi in 2017. initially offering home equity lines of credit and later expanding to crypto-backed loans, the company has secured its place in the evolving financial landscape.
