Figure Technology Solutions is taking one other shot at going public, simply weeks after asserting that each one components of its operations — together with its lending arm and blockchain-powered monetary market — can be consolidated right into a single firm.
The fintech agency mentioned Aug. 4 that it confidentially submitted a draft registration assertion on Form S-1 with the U.S. Securities and Exchange Commission, the primary formal step towards an preliminary public providing. The firm mentioned it expects to go public sometime in 2025.
The variety of shares to be supplied and the worth vary haven’t but been decided. Figure mentioned the providing is topic to market and different circumstances, in addition to the completion of the SEC’s assessment course of.
Founder of Figure Mike Cagney, a long-time proponent of blockchain expertise, confirmed the IPO hypothesis in a LinkedIn put up.
“I do know it has been mentioned by others, however right here it’s from the supply. Boom,” he wrote.
FTS beforehand tried to go public in early 2024, however the transfer did not materialize amid a extra stringent regulatory setting. At the time, the agency’s valuation was estimated between $2 billion and $3 billion. Figure is making one other push, inspired by a extra business-friendly local weather in Washington and a tech-positive stance fostered by the Trump administration.
In mid-July, Cagney introduced that Figure Lending and Figure Markets can be recombined beneath FTS, fueling hypothesis of one other IPO try. The founding father of Figure famous that the regulatory setting is extra interesting now for blockchain.
The merging of the 2 corporations is predicted to shut later this summer time, topic to shareholder approval.
Michael Tannenbaum, who was employed to guide Figure in April 2024, will turn out to be the CEO of the recombined entity, whereas Cagney who transitioned to guide Figure Markets will step into the position of government chairman of the corporate.
“With market adoption and Washington signaling rising blockchain help, the timing is correct for Figure to paved the way,” Cagney mentioned in a press release in July.
The lending arm of Figure originated greater than $2 billion in quantity in the second quarter, the agency mentioned. To date, the fintech has facilitated greater than $50 billion in blockchain transactions.
