Blockchain lending company Figure pursued a Nasdaq IPO with a valuation reaching as high as $3.2 billion!

Credit company Figure Technology Solutions Inc., based on blockchain technology, has publicly submitted an IPO application, joining the ranks of cryptocurrency-related companies seeking to go public. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the New York-based company reported revenue of $43.8 million and net profit of $29.1 million for the six months ending June 30, compared to revenue of $12.5 million and a net loss of $15.6 million in the same period last year. Earlier this month, Figure announced that it had submitted an IPO application confidentially. The company was valued at $3.2 billion in a round of venture capital financing in 2021. Founded by Mike Cagney in 2018, who was a member of the founding team of SoFi Technologies Inc. and resigned as CEO in 2018, Figure develops blockchain technology to facilitate lending operations and appointed Michael Tannenbaum as CEO in 2024. The company initially offered home equity line of credit products and later introduced products such as cryptocurrency-backed loans and a digital asset exchange. Its blockchain-based lending volume has exceeded $16 billion. According to the company's website, Figure uses technology from OpenAI Inc. in the field of artificial intelligence to assess loan applications and uses Siasun Robot & Automation driven by Alphabet Inc.'s Google Gemini for chatbots. Investors in the company include Apollo Global Management, 10T Holdings LLC, and Ribbit Capital. After the IPO, Cagney is expected to retain majority voting rights in Figure. Prior to the IPO, Figure's formal name was FT Intermediate Inc., and it is set to be renamed Figure Technology Solutions after restructuring. Goldman Sachs Group, J.P. Morgan Securities, and Bank of America are serving as the lead underwriters for the IPO. Its stock is expected to be listed on the Nasdaq Stock Exchange under the trading symbol FIGR.