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Figure Technology Solutions, which specializes in blockchain-based home loans and cryptocurrency exchange, is rumored to go public in the fall.
The initial public offering, reported by AInvest on Tuesday, comes after the San Francisco-based company faced previous challenges to go public during the Biden administration. The outlet reported that Figure’s target is to raise between $5 billion and $10 billion. The Information, a technology news outlet, also reported on the rumored IPO.
A spokesperson from Figure told HousingWire that these reports contained inaccuracies but said that the company would not comment further. The spokesperson confirmed that company had previously announced its filing of a confidential S-1 form with the Securities and Exchange Commission (SEC) and is pursuing a public offering.
Figure generates most of its revenue from its home equity line of credit (HELOC) business, which has grown as rising home prices and high interest rates discourage refinancing. In 2024, more than 88% of the company’s volume of $26.02 million came from home equity loans, according to Modex data.
The move follows Figure and global investment firm Sixth Street‘s announcement of a joint venture vehicle earlier this year. Sixth Street’s asset-based finance platform committed to invest $200 million of equity, which was expected to securitize Figure loans, sell its bonds to investors and buy loans from originators, opening up a more liquid marketplace.
In a separate move, Figure announced on Thursday its lending arm, and Figure Markets, a blockchain-powered financial marketplace, will become one entity again.
“I split the company in two last year given the regulatory headwinds around blockchain,” Figure’s Mike Cagney wrote on LinkedIn.
Michael Tannenbaum, who was hired as Figure’s CEO April 2024, will become the CEO of the recombined entity. Cagney, Figure’s co-founder and former CEO, will step into the role of executive chairman of the company.
Editor’s note: This is a developing story. It was updated with comments from a Figure spokesperson.
