Ticker BuzzTuesday, Jul 15, 2025 8:15 pm ET

1min read

Figure Technology Solutions, a startup that operates both a blockchain-based home loan platform and a cryptocurrency exchange, has announced plans to go public this autumn. The company aims to raise between 500 million and 1 billion dollars through its initial public offering (IPO). This move comes as numerous cryptocurrency enterprises seek to capitalize on the more favorable regulatory environment under the current administration and the heightened investor interest in the sector.

Figure's IPO plans were initially attempted during the Biden administration but were thwarted due to regulatory objections over the language used in the filing. The company, founded by the former CEO of SoFi in 2018, is now leveraging the successful IPO of Circle, a stablecoin company, which has seen its stock price surge eightfold since its June listing. Figure's leadership believes that the market is flush with capital, making it an opportune time for a large-scale IPO.

The company has reportedly held exploratory talks with potential investors, including BlackRock, SoftBank, and Tiger Global Management. Figure's primary revenue stream comes from issuing home equity lines of credit (HELOCs), a business that has seen steady growth in recent years. Rising home prices have increased the equity homeowners hold in their properties, leading many to opt for HELOCs rather than refinancing at higher interest rates. Figure's technology, which utilizes blockchain to maintain all loan records in a single database, helps reduce costs for both the company and other lenders by streamlining audits and other expenses.

Figure's loan portfolio, which includes partnerships with Credit Karma and Guaranteed Rate, grew by 50% last year to reach 5.1 billion dollars. The company also securitizes loans and sells them to investors, generating additional revenue. Figure claims that its loan default rate has consistently remained at 1% or lower. The company is also expanding its business beyond home loans, aiming to create a comprehensive brokerage service that offers stock lending and other services to institutional investors. This service would allow users to lend cryptocurrencies and stocks, including Figure's own stock, on its blockchain platform. Additionally, Figure has begun selling cryptocurrency-backed loans to private credit companies.