- Figure Technologies is increasing the size of its initial public offering to raise approximately $526 million, according to a person familiar with the matter, a significant upsize that signals robust investor demand.
- The blockchain fintech is targeting a valuation between $4.1 billion and $4.3 billion, with pricing for the offering expected on September 10, 2025.
- The move follows a period of strong financial performance, with the company reporting net income of $29 million on revenue of $190.6 million for the first half of 2025, a sharp reversal from a $13 million net loss a year earlier.
San Francisco-based Figure Technologies is poised to capitalize on a warming market for fintech and crypto-related public listings, with plans to upsize its upcoming IPO. The company, which specializes in using its proprietary Provenance blockchain to streamline lending processes, is now targeting a raise of roughly $526 million, a figure that would value the firm north of $4 billion.
The decision to increase the offering size was made in recent days after gauging interest from institutional investors, according to people familiar with the negotiations. The pricing is slated for September 10, putting the company on track to begin trading shortly after. This upsize reflects a significant vote of confidence in Figure's business model, which has demonstrated a clear path to profitability. The firm's revenue for H1 2025 reached $190.6 million, a healthy increase from the $156 million reported for the same period last year.
Founded in 2018 by former SoFi CEO Mike Cagney, Figure has evolved under the leadership of current CEO Michael Tannenbaum, another SoFi alum who took the helm in 2024. The company's core offering involves using blockchain technology to drastically reduce the processing time for home equity lines of credit (HELOCs), cutting it down from over 40 days to approximately 10 days. To date, Figure has facilitated more than $16 billion in HELOCs and operates across 49 states.
This IPO is part of a broader wave of public market debuts for crypto and fintech firms, following successful listings like Circle's recent offering. The company’s product suite, which also includes the Figure Connect credit marketplace and the YLDS stablecoin, positions it at the intersection of traditional finance and digital assets. A representative for Figure was not immediately available for comment. The success of this offering will be closely watched as a barometer for investor appetite in blockchain-enabled financial services, a sector that continues to seek mainstream adoption amid an evolving regulatory landscape.