Figure Technology, a blockchain-based lending platform, has finally filed for a U.S. stock market listing. The company will trade on Nasdaq under the ticker FIGR, according to papers filed with the Securities and Exchange Commission.
The filing ends weeks of rumors on Wall Street and sets the stage for Mike Cagney’s comeback. Cagney, who co-founded online lender SoFi before leaving in 2017, now appears set to re-enter the public market spotlight with Figure.
Strong First-Half Numbers
In the first six months of 2025, Figure reported $191 million in revenue and a net profit of $29 million. Last year, during the same period, it was a loss-making business. The turnaround is significant.
“Most fintechs are still burning cash,” one Bay Area venture capitalist told LiveCast24. “For Figure to show a profit ahead of its IPO—it changes the conversation.”
Betting on Blockchain
Figure isn’t just another lending app. Its Provenance Blockchain already supports over $16 billion in transactions. From home loans to asset-backed financing, the platform has been quietly gaining traction with more than 160 institutional partners.
This scale makes it stand out. Many blockchain firms have struggled to prove real-world usage. Figure, at least on paper, has done better.
A Redemption Story
Cagney’s control over Figure will remain strong even post-IPO, thanks to special voting rights. For supporters, it’s a chance to see if the entrepreneur can repeat his SoFi success. For critics, it raises questions about governance.
Either way, his return is likely to dominate fintech headlines in the months ahead.
What’s Next
The IPO comes at a time when fintech rivals like Circle and Gemini are also exploring listings. If Figure’s debut is well received, it could revive interest in public offerings after a relatively quiet period for tech floats.
But challenges are real blockchain regulation is tightening, and competition is intense.
