Blockchain-based credit score firm Figure Technology Solutions Inc. filed publicly for an preliminary public providing, becoming a member of the push of crypto-related corporations getting into the market.
The New York City-based firm had internet earnings of $29.1 million on income of $190.6 million for the six months ending June 30, in contrast with a internet lack of $15.6 million on income of $156 million in the identical interval a yr earlier, in keeping with a submitting Monday with the US Securities and Exchange Commission.
READ MORE: Figure confirms plans for IPO someday in 2025
Figure introduced earlier this month that it had filed confidentially for an IPO. A 2021 venture-backed funding spherical valued the corporate at $3.2 billion.
Figure was co-founded in 2018 by Mike Cagney, who was a part of the group that began SoFi Techologies Inc. and stepped down as chief govt officer in 2018. The firm develops blockchain know-how to facilitate loans. Figure tapped Michael Tannenbaum as CEO in 2024.
The agency began with dwelling fairness line of credit score merchandise, and moreover provides merchandise together with crypto-backed loans and a digital asset trade, the submitting reveals. It has funded greater than $16 billion in loans on the blockchain.
Customers for partner-branded HELOC loans originated or bought by Figure in 2024 had a weighted common FICO rating of 753, versus a rating of 740 for Figure-branded loans, the submitting reveals.
READ MORE: Figure to recombine lending arm and market into one entity
In synthetic intelligence, Figure is utilizing OpenAI Inc.’s know-how to assist consider mortgage functions, and a chatbot powered by Alphabet Inc.’s Google Gemini, the web site reveals.
Investors within the firm embrace Apollo Global Management Inc., 10T Holdings LLC and Ribbit Capital, in keeping with the web site. After the IPO, Cagney is anticipated to proceed to manage the vast majority of Figure’s voting energy, the submitting reveals.
Figure’s formal identify previous to the closing of the IPO is FT Intermediate Inc., and expects to vary its identify to Figure Technology Solutions following the recombination.
READ MORE: Tech suppliers zero in on dwelling fairness lending
Goldman Sachs Group Inc., Jefferies Financial Group Inc. and Bank of America Corp. are main the IPO. The shares are anticipated to commerce on the Nasdaq Stock Market below the image FIGR.
