Figure confirms plans for IPO sometime in 2025

Figure Technology Solutions is taking another shot at going public, just weeks after announcing that all parts of its operations — including its lending arm and blockchain-powered financial marketplace — will be consolidated into a single company.

The fintech firm said Aug. 4 that it confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission, the first formal step toward an initial public offering. The company said it expects to go public sometime in 2025.

The number of shares to be offered and the price range have not yet been determined. Figure said the offering is subject to market and other conditions, as well as the completion of the SEC's review process.

Founder of Figure Mike Cagney, a long-time proponent of blockchain technology, confirmed the IPO speculation in a LinkedIn post.

"I know it's been discussed by others, but here it is from the source. Boom," he wrote.

FTS previously attempted to go public in early 2024, but the move didn't materialize amid a more stringent regulatory environment. At the time, the firm's valuation was estimated between $2 billion and $3 billion.Figure is making another push, encouraged by a more business-friendly climate in Washington and a tech-positive stance fostered by the Trump administration.

In mid-July, Cagney announced that Figure Lending and Figure Markets will be recombined under FTS, fueling speculation of another IPO attempt. The founder of Figure noted that the regulatory environment is more appealing now for blockchain.

The merging of the two firms is expected to close later this summer, subject to shareholder approval.

Michael Tannenbaum, who was hired to lead Figure in April 2024, will become the CEO of the recombined entity, while Cagney who transitioned to lead Figure Markets will step into the role of executive chairman of the company.

"With market adoption and Washington signaling growing blockchain support, the timing is right for Figure to lead the way," Cagney said in a statement in July.

The lending arm of Figure originated more than $2 billion in volume in the second quarter, the firm said. To date, the fintech has facilitated more than $50 billion in blockchain transactions.