Figure Technology Solutions, which operates a blockchain-based consumer lending platform, filed on Monday with the SEC for an initial public offering we estimate could raise $400 million. The company filed under the name FT Intermediate but plans to change it in conjunction with the offering.
Figure has built a vertically integrated suite of blockchain-based solutions that powers its marketplaces, including lending, trading, and investing activities in areas such as consumer credit and digital assets. The foundation for its differentiated infrastructure has been in the home equity line of credit (HELOC) market. The company entered the market through its own Figure-branded strategy, which it utilizes to originate loans directly to borrowers. It has since developed a partner-branded strategy through which mortgage originators, servicers, banks, wholesale brokers, and credit unions can use Figure's technology to originate and distribute their own loans. In 2024, Figure facilitated $5 billion in HELOCs (+51% y/y).
The New York, NY-based company was founded in 2018 and booked $375 million in revenue for the 12 months ended June 30, 2025. It plans to list on the Nasdaq under the symbol FIGR. Figure Technology Solutions filed confidentially on May 9, 2025. Goldman Sachs, Jefferies, and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
