Blockchain Startup Figure Files for $526M IPO Led by Ex-SoFi CEO
On September 2, blockchain lending platform Figure made waves by filing for an IPO wiht the U.S. Securities and Exchange Commission, as reported by Bloomberg.The technology firm, founded by former SoFi CEO Mike Cagney, aims to raise up to $526 million.
Figure plans to list on the Nasdaq with the ticker symbol FIGR. The IPO price range is set between $18 and $20 per share, covering 21.5 million company shares and 4.9 million from existing shareholders.A successful IPO at $20 per share could value the company around $4.13 billion.
- Apollo Global, Ribbit Capital, and 10T Holdings support the company.
- in mid-2021,Figure had a valuation of $3.2 billion.
- Mike Cagney woudl retain majority voting control after the IPO.
The startup generated $190.6 million in revenue in the first half of 2023, with a net income of $29.1 million. Last year, revenues reached $156 million but included a $15.6 million loss during the same period.
Figure began with home equity loans and now offers crypto-backed loans too. To date, it has processed $16 billion in loans on the blockchain. Following his departure from SoFi in 2017 due to misconduct allegations, Cagney launched Figure to concentrate on innovative lending solutions using blockchain technology.
