Figure Technology Solutions (FIGR) made a splashy entrance on Wall Street, with shares soaring more than 40% in their first trading session.
The stock opened at $36, well above its $25 offering price, briefly climbing as high as $38.05 before easing back to end the day near $31. That debut valued the blockchain-driven lender at more than $7 billion. By the following day, FIGR bounced again, rising 22% to close near $36.58 before settling just under $35 as trading continued.
The company priced its initial public offering above expectations, selling 31.5 million shares at $25 each—above the $20 to $22 range—and raising $787.5 million. High-profile investors, including Stanley Druckenmiller’s Duquesne Family Office, expressed interest in backing the listing, with Duquesne signaling a $50 million purchase at the offering price.
Blockchain Meets Consumer Finance
Founded in 2018 by Mike Cagney, who previously co-founded SoFi, Figure is carving out a niche in home equity lending using blockchain technology. Its platform processes loans in as little as 10 days—far faster than the industry average of 42 days—by using blockchain to streamline verification and settlement.
In the past 12 months through June 30, Figure facilitated about $6 billion in home equity lending, a 29% year-over-year increase. The company also runs a digital asset exchange and supports trading in major cryptocurrencies like Bitcoin and Ethereum, positioning itself at the intersection of consumer finance and digital assets.
Beyond speed, Figure’s platform appeals to banks, credit unions, and mortgage companies, many of which already use its blockchain technology to originate loans. According to the company, 10 of the 20 largest mortgage firms in the U.S. are customers.
Founded in 2018 by Mike Cagney, who previously co-founded SoFi, Figure is carving out a niche in home equity lending using blockchain technology. Its platform processes loans in as little as 10 days—far faster than the industry average of 42 days—by using blockchain to streamline verification and settlement.
In the past 12 months through June 30, Figure facilitated about $6 billion in home equity lending, a 29% year-over-year increase. The company also runs a digital asset exchange and supports trading in major cryptocurrencies like Bitcoin and Ethereum, positioning itself at the intersection of consumer finance and digital assets.
Beyond speed, Figure’s platform appeals to banks, credit unions, and mortgage companies, many of which already use its blockchain technology to originate loans. According to the company, 10 of the 20 largest mortgage firms in the U.S. are customers.
Financials Signal Growth Potential
Unlike many recent tech IPOs, Figure is already profitable. The company reported $340.9 million in revenue for 2024, up 63% from the prior year, and swung to a net profit of $19.9 million after a $52.4 million loss in 2023.
Momentum has carried into 2025. In the first half of the year, revenue rose 22% year-over-year to $190.6 million, while net income reached $29.4 million, compared to a loss of $13.4 million in the same period last year. That profitability sets Figure apart from other high-growth fintech and blockchain peers still burning cash.
Unlike many recent tech IPOs, Figure is already profitable. The company reported $340.9 million in revenue for 2024, up 63% from the prior year, and swung to a net profit of $19.9 million after a $52.4 million loss in 2023.
Momentum has carried into 2025. In the first half of the year, revenue rose 22% year-over-year to $190.6 million, while net income reached $29.4 million, compared to a loss of $13.4 million in the same period last year. That profitability sets Figure apart from other high-growth fintech and blockchain peers still burning cash.
Conclusion
Figure’s IPO debut underscores both the strength of the broader tech IPO market and investor appetite for blockchain-driven business models with real-world applications. By combining consumer lending with blockchain efficiency, the company has already proven it can grow revenue and generate profits. If it continues to scale its lending platform and expand into new financial products, Figure could become one of the more durable success stories among this year’s wave of newly public tech firms.
Figure’s IPO debut underscores both the strength of the broader tech IPO market and investor appetite for blockchain-driven business models with real-world applications. By combining consumer lending with blockchain efficiency, the company has already proven it can grow revenue and generate profits. If it continues to scale its lending platform and expand into new financial products, Figure could become one of the more durable success stories among this year’s wave of newly public tech firms.
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