Figure Technology, a blockchain-based lending and infrastructure firm, will float its shares on Nasdaq today, raising over $780 million. The shares will trade under the ticker symbol FIGR and will become the most recent Fintech to successfully go public this year.
Figure also bumped up its offering price from a range of $18 to $20 a share to sell at $25 a share. The company will sell 26,645,296 shares or 31,370,296 shares if the underwriters exercise their greenshoe option to purchase additional shares. The company’s valuation is now pegged at around $5.3 billion.
Early shareholders will sell 4,854,704 shares, representing over $121 million. If the underwrite over allocation is sold, Figure will net $612.2 million.
Unlike some early stage Fintechs, Figure is already profitable, generating a net income for the first six months of 2025 of over $29 million on revenue of $190.5 million.
Most revenue is generated from their HELOC product but the company has other products and services in operation or in the works.
Figure was founded by CEO Mike Cagney, who also created SoFi, another successful, multi-billion-dollar Fintech that eventually went public via a SPAC deal.
In the S-1 filing, Cagney explained that he had an “aha” moment when he understood that blockchain can do more than disrupt existing markets but provide digital assets where everyone knows ownership, composition, and zero counterparty risk while transacting in real time. He explains that “blockchain completely reinvents how assets are originated, traded and financed.”
Cagney also predicts that, like the hot Mag 7 stocks of today, the future will see blockchain or Web3 firms replace these tech stocks as the market leaders.
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