Hello followers! Today, we’re diving into some exciting fintech news that’s shaking up the industry.

Figure Technology, a blockchain-based lender that’s been around since 2018, has filed for an IPO on Nasdaq. Big names like Goldman Sachs, Jefferies, and BofA Securities are leading the deal, though details like share count and price range are still under wraps.

This company is making waves with its impressive growth: revenue hit $191 million in the first half of 2025, up 22.4%, and it posted a profit of $29 million, reversing last year’s $13 million loss.

The IPO is seen as a crucial moment for co-founder Mike Cagney, who previously founded SoFi. After leaving SoFi amid controversy, Cagney’s latest venture could prove his resilience, especially since SoFi went public in 2021 and has performed well since, with its stock climbing over 200% in the past year.

Since its inception, Figure has gained popularity as a non-bank provider of home equity lines of credit, using blockchain technology through its Provenance blockchain. They’ve also expanded into crypto lending, offering loans against Bitcoin and Ethereum with ratios up to 75%, in partnership with Victory Park Capital.

This move into public markets follows a history of ambitious plans, including a previous attempt to go public via a SPAC and a failed merger with Homebridge Financial. Cagney has also experimented with banking regulations, applying for a U.S. national bank charter in 2020, which it later withdrew due to industry challenges.

Major backers like Apollo Global Management and Ribbit Capital have supported Figure, which has plans to capitalize on real-world asset tokenization—converting assets like mortgages and art into tradable digital tokens, a hot area with giants like BlackRock and JPMorgan entering the space.

The timing coincides with a rising wave of crypto companies seeking IPOs, buoyed by successes like Circle Internet Group and the Winklevoss twins’ Gemini, despite some financial losses reported by others like Gemini.

Overall, Figure’s IPO filing represents potential for redemption for Cagney’s reputation and signals a significant step in integrating blockchain with traditional finance, promising new opportunities in digital asset trading and lending.