Blockchain Lender Figure Files Confidentially for US IPO: What It Means for Fintech and Crypto

In a bold move that signals growing institutional confidence in crypto and blockchain-based financial services, Figure Technology Solutions Inc., a pioneer in blockchain-powered lending, has officially filed confidentially for an initial public offering (IPO) in the United States.

According to a statement released on Monday, the number of shares and price range have not yet been disclosed. 

However, the confidential filing positions Figure as the latest in a series of crypto and fintech firms aggressively eyeing public markets amid renewed investor interest in digital finance infrastructure.

Key Takeaways

• Figure Technology Solutions filed confidentially for a US IPO, targeting fintech and blockchain markets
• The company has funded over $16 billion in home equity loans via blockchain infrastructure
• Backed by major investors like Apollo Global, 10T Holdings, and Ribbit Capital
• Figure previously worked with Goldman Sachs, JPMorgan, and Jefferies on IPO plans
• Figure’s pivot to public markets marks a new wave of legitimacy for crypto-powered finance

Who Is Figure Technology Solutions?

Founded in 2018 by Mike Cagney, the former CEO and co-founder of SoFi Technologies, Figure operates as a blockchain-native financial services company. Its primary focus has been on using blockchain to originate, process, and service home equity loans, while also expanding into crypto-backed lending.

In just a few short years, the company has grown its funding portfolio to over $16 billion in loans, partnering with some of the largest technology and financial firms in the process.

As of 2024, Michael Tannenbaum took over as CEO, steering the company toward its current IPO ambitions. Figure also boasts high-profile partnerships with OpenAI and Alphabet (Google), indicating its broader ambitions in the intersection of AI, blockchain, and finance.

Read Also: Everything You Need to Know About Bullish IPO Plan

Why Is Figure Filing Confidentially?

The confidential filing process allows companies to begin the IPO registration process with the U.S. Securities and Exchange Commission (SEC) without publicly disclosing their financials and business strategies right away. 

This gives startups like Figure more control over timing, investor discussions, and regulatory feedback before formally entering the public eye.

This route has become increasingly common among high-growth fintech and crypto startups, especially those navigating volatile market cycles or undergoing strategic shifts.

It also allows Figure to gauge institutional interest, secure anchor investors, and refine its IPO messaging before making anything public.

Read Also: Firm Buys 21K BTC Post-$2.5B IPO

Figure’s Place in the Blockchain-Fintech Ecosystem

Figure represents a unique convergence of decentralized technology and traditional financial services. 

Unlike pure DeFi players or neobanks, Figure brings blockchain infrastructure into highly regulated and capital-intensive markets like mortgage lending and home equity loans.

Key verticals in Figure’s model include:

• Home equity line of credit (HELOC) via blockchain
• Crypto-backed lending products
• Loan servicing and secondary markets on blockchain
• AI-integrated financial services via partnerships with OpenAI

This positions Figure as a hybrid fintech model, potentially more palatable to institutional investors compared to riskier DeFi-native platforms.

The Broader Implication for Crypto IPOs

If successful, Figure’s IPO could:

1. Pave the way for other blockchain-native firms to explore public listings, similar to Coinbase’s 2021 debut
2. Provide traditional investors with exposure to tokenized finance through equity markets
3. Accelerate institutional interest in crypto-adjacent fintech startups
4. Help redefine public narratives around crypto lending in a post-FTX environment

With backing from Apollo Global Management, 10T Holdings, and Ribbit Capital, Figure has both the capital support and operational maturity to be taken seriously by Wall Street.

Read Also: Figma IPO: Stock Price Prediction

Timing: Why Now?

The IPO push comes at a time when:

• Crypto markets are stabilizing after a volatile 2022–2023
• The Dencun Ethereum upgrade and new proposals like EIP-7999 have renewed attention on blockchain scalability
• Traditional financial firms are partnering with crypto-native players to explore on-chain asset origination and settlement

For Figure, going public now could mean benefiting from:

• Improved market sentiment
• Rising investor demand for blockchain infrastructure exposure
• Access to larger capital pools for expansion and innovation

Final Thoughts

Figure’s confidential IPO filing is more than just a milestone for one company. It’s a signal that the convergence of blockchain and finance is maturing — and doing so with the backing of household-name institutions.

As crypto markets evolve from speculation toward infrastructure and utility, firms like Figure are demonstrating that blockchain is not only a technological innovation, but a viable operational backbone for trillion-dollar industries like real estate lending.

Whether the IPO succeeds or not, Figure’s public ambitions will be closely watched by VCs, regulators, and fintech competitors alike.

FAQ

What is Figure Technology Solutions?

Figure is a blockchain-based lender that uses decentralized technology to offer home equity loans and crypto-backed financial products. It was co-founded by Mike Cagney in 2018.

Why did Figure file for an IPO confidentially?

A confidential IPO filing allows Figure to begin the regulatory process without disclosing sensitive financial details immediately, giving the company more flexibility on timing and investor feedback.

Who are Figure’s investors?

Figure is backed by Apollo Global Management, 10T Holdings, Ribbit Capital, and others.

What makes Figure different from other crypto companies?

Unlike many crypto startups focused on tokens or DeFi, Figure builds blockchain infrastructure for real-world financial products like mortgages and HELOCs, giving it a strong bridge between Web2 finance and Web3.

What banks are involved in the IPO?

According to reports, Figure has previously worked with Goldman Sachs, JPMorgan Chase, and Jefferies Financial Group on its IPO strategy.

When will Figure's IPO happen?

There is no official date yet. The confidential filing means Figure is preparing but may wait for favorable market conditions before launching its IPO publicly.