Figure Files for IPO: Mike Cagney’s Wall Street Comeback

On Monday, blockchain-based lending pioneer Figure Technology officially filed for a U.S. initial public offering (IPO) after swinging to a $29 million profit, marking co-founder Mike Cagney’s highly anticipated return to the public markets. The seven-year-old fintech firm revealed in its registration paperwork that revenue surged 22.4% to $191 million for the six months ending June 30, a massive turnaround from the $13 million net loss recorded during the same period last year.

Mike Cagney’s Path to Redemption

The public filing represents a high-stakes opportunity for vindication for Figure co-founder Mike Cagney. He previously built the personal finance giant SoFi before resigning in 2017 amid allegations of sexual harassment. SoFi subsequently went public in 2021 through a special purpose acquisition company (SPAC) merger and has since thrived, with its stock price surging over 200% in the past year and second-quarter revenue climbing 44% in 2025.

Inside Figure’s Blockchain-Powered Lending Machine

Launched in 2018 by Cagney and his wife, June Ou, Figure has rapidly scaled to become a dominant force in decentralized finance and home lending. The company utilizes its proprietary Provenance blockchain to dramatically accelerate underwriting times for home equity lines of credit (HELOCs), mortgage refinancing, personal loans, and student loans. Today, Figure operates as the largest non-bank provider of HELOCs in the United States, boasting more than 160 partners across its capital marketplace and loan origination network.

Expansion Into Crypto Lending and RWA Tokenization

In May, Figure diversified its financial offerings by expanding into cryptocurrency-backed lending. The company secured a financing facility with Victory Park Capital to launch what it described as the industry’s first securitized pool of crypto-backed loans. Under this program, digital asset holders can borrow against their Bitcoin and Ethereum portfolios at loan-to-value (LTV) ratios reaching up to 75%. Financial terms of the Victory Park agreement remain undisclosed.

Regulatory Ambitions and Past Hurdles

Cagney has long been recognized for pushing regulatory boundaries. In the closing days of the first Trump administration in late 2020, Figure sought a national bank charter that would permit it to accept uninsured deposits exceeding $250,000 from accredited investors. This strategy was designed to bypass traditional Federal Reserve and FDIC oversight, potentially creating a blueprint for other fintechs to offer highly profitable banking products. However, Figure ultimately withdrew the application last year due to broader macroeconomic headwinds facing the fintech sector.

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Amid these regulatory shifts, the company underwent significant organizational changes. In April 2024, Figure appointed former Brex COO Michael Tannenbaum as its new CEO. Tannenbaum is a long-time associate of Cagney, having previously served as SoFi’s chief revenue officer.

Additionally, Figure executed a complex corporate restructuring. In early 2024, Cagney spun off Figure Markets as an independent digital asset exchange specializing in crypto trading, stablecoins, and crypto-backed loans. However, in July, the company reversed the decision and reintegrated the two entities.

According to Figure, this consolidation strategically positions the company to capitalize on the rapidly growing real-world asset (RWA) tokenization market. The process involves converting physical assets—such as mortgages, real estate, and art—into tradable blockchain tokens, an emerging multi-trillion-dollar sector that has recently attracted institutional heavyweights like BlackRock and JPMorgan.

Overcoming Previous IPO Roadblocks

This filing is not Figure’s first attempt to enter the public markets. The company previously sought a public listing via a merger with the blank-check vehicle Figure Acquisition Corp., but the transaction was abandoned due to high redemption rates and rising interest rates, leading to the SPAC’s delisting from the New York Stock Exchange. Similarly, in 2022, Figure terminated a planned merger with mortgage originator Homebridge Financial Services, citing prolonged regulatory delays ten months after the deal’s initial announcement.

Riding the Wave of the Crypto IPO Boom

Backed by major venture firms including Apollo Global Management and Ribbit Capital, Figure’s decision to go public has been highly anticipated. The company, which was valued at $3.2 billion after a $200 million funding round in 2021, confirmed weeks ago that it had submitted a confidential draft registration statement to regulators.

The timing of the IPO aligns with a broader surge of crypto-adjacent companies seeking public listings. This momentum is driven by the highly successful June debut of Circle Internet Group, alongside the Trump administration’s vocal support for digital assets and related legislation. Following Circle’s listing, its shares surged more than 500% in the first two weeks of trading. Additionally, crypto exchange Bullish saw its shares more than doubled during its NYSE trading debut last week.

The listing rush continues to build momentum across the sector. On Friday, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, filed its own IPO paperwork despite posting a net loss of $282.5 million for the first half of 2025.

Goldman Sachs, Jefferies, and BofA Securities are acting as the lead bookrunners for Figure’s offering. The total number of shares to be sold and the target price range have not yet been finalized.