Blockchain lender Figure, led by former SoFi CEO Mike Cagney, seeks to raise $526 million in its IPO
Summary
- Figure, a blockchain-based lending firm, filed for an IPO worth as much as $526M
- Co-founder and ex-SoFi CEO Mike Cagney would retain the majority voting power in the firm
Crypto firms are increasingly attracting attention in traditional markets. On Tuesday, Sept. 2, blockchain-based lending company Figure filed for an initial public offering with the U.S. Securities and Exchange Commission, according to Bloomberg. The firm and its backers aim to raise $526 million on the public market.
Figure would debut on the Nasdaq under the ticker FIGR, with an initial price range of $18 to $20 per share. The company will offer 21.5 million shares, while its shareholders will sell 4.9 million. If the company sells its shares at $20, that would put its valuation at about $4.13 billion.
In a 2021 funding round, the company’s valuation reached $3.2 billion. Apollo Global, Ribbit Capital, and 10T Holdings were among its backers. Post-IPO, the company’s co-founder, Mike Cagney, would retain majority voting control.
Figure sees $190.6M in revenues in six months
According to the listing filing, Figure reported revenue of $190.6 million for the six months ended June 30. In the same period, the firm reported net income of $29.1 million. During the same period a year earlier, the company reported $156 million in revenue and a $15.6 million loss.
The firm started out with home-equity lines of credit products and also offered crypto-backed loans. So far, the company has facilitated $16 billion in loans on the blockchain.
Its co-founder, Mike Cagney, is the ex-CEO of the U.S.-based fintech firm SoFi, which focused on creating a “super-app” for finance. He left SoFi in 2017 amid allegations of sexual harassment. He launched Figure shortly after, in 2018, to focus on blockchain-based lending.
