Figure Technology Solutions IPO: how to trade FIGR shares

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When is the Figure IPO date?

FT Intermediate, Inc –  set to rebrand as Figure Technology Solutions – filed publicly with the SEC in August 2025, confirming long-rumoured initial public offering (IPO) plans. The company intends to list on the Nasdaq Global Select Market under the ticker FIGR.

Terms filed indicate Figure will offer 26.3m Class A shares at an indicative range of $18-$20, targeting a raise of up to $526m. This implies a valuation of roughly $4.1bn (source: Reuters). Underwriters include Goldman Sachs, Jefferies, BofA Securities, Société Générale, Keefe Bruyette & Woods, and Mizuho.

Why now?

Figure originally weighed an IPO in 2021-22, around the time Coinbase and Robinhood went public. But with crypto sentiment souring in 2022 and fintech multiples compressing in 2023, management decided to wait. With markets stabilising in 2025, and investor appetite returning for both fintech and blockchain-linked names, management sees a clearer path to a strong reception.

The IPO also reflects a liquidity push by Figure’s investors. Having raised hundreds of millions in venture capital since its founding in 2018, backers are eager to crystallise gains. The IPO will provide new capital for expansion while giving early shareholders partial exit opportunities.

Comparisons with peers

Investors will inevitably benchmark Figure against other fintech IPOs:

• SoFi (2021 SPAC): demonstrated investor appetite for consumer-focused lending, though profitability took time.

• Affirm (2021 IPO): rose on buy-now-pay-later hype but later fell as losses widened.

• Coinbase (2021 IPO): soared in early trading but then slumped alongside crypto markets.

Figure is positioning itself differently: less about consumer hype, more about blockchain infrastructure for capital markets.

Key timing considerations

• IPO window: US equity markets reopened in 2025 after two quiet years.

• Crypto/fintech recovery: stabilising sentiment after years of volatility.

• Capital needs: proceeds earmarked for expansion into HELOC, trading, and tokenisation verticals.

• Private investors: desire for liquidity after years of private funding rounds.

• Valuation optics: a mid-cap $4-5bn IPO may be easier to digest than chasing ‘mega-unicorn’ valuations.

If regulatory approvals progress on schedule, Figure could debut on Nasdaq in mid-to-late September 2025.

What is Figure Technology Solutions?

Figure Technology Solutions is a US fintech company that uses blockchain rails to deliver faster, cheaper, and more transparent financial services. Founded in 2018 by Mike Cagney, the firm has built its operations around Provenance Blockchain, a distributed ledger tailored for lending, trading, and securities settlement.

The company started in consumer lending with blockchain-based home equity lines of credit (HELOCs), before expanding into securitisation, private credit marketplaces, and tokenisation of financial assets. Its strategy is to replace legacy financial infrastructure with a streamlined blockchain platform that appeals to both retail borrowers and institutional investors.

Key milestones in Figure’s history

• 2018 – founded in San Francisco by Mike Cagney, co-founder of SoFi.

• 2019 – launches HELOC product, the first major loan product originated on Provenance Blockchain.

• 2020-2021 – expands into securitisation and private credit trading, processing billions in loan volume.

• 2022 – Provenance adopted by regional banks and credit unions, settling tens of billions of dollars in transactions.

• 2023 – FT Intermediate created as a holding company for Figure’s businesses.

• 2025 – files S-1 registration with the SEC; rebrands to Figure Technology Solutions ahead of IPO.

Figure’s key features

• Blockchain-native infrastructure – all loans and trades originate and settle on Provenance.

• Dual focus – operates in both consumer credit and institutional capital markets.

• Recurring income streams – balances cyclical loan origination with licensing and technology fees.

• Provenance adoption – has processed tens of billions of dollars in loans and securitisations.

• Experienced founder – led by Mike Cagney, former SoFi CEO.

Figure’s unique positioning lies in owning the infrastructure layer, not just consumer lending products. By controlling Provenance Blockchain, Figure can license its technology to third-party institutions while also building its own lending and trading marketplaces on top. This ‘picks and shovels’ model is designed to capture recurring fees even if lending volumes fluctuate.

A founder with a comeback story

CEO Mike Cagney’s journey is integral to Figure’s identity. After co-founding SoFi and leading it through rapid growth, he stepped down amid controversy in 2017. With Figure, he returned to fintech determined to prove blockchain’s potential to overhaul financial services. His track record as both a visionary and a risk-taker is likely to weigh heavily in how public investors view the company.

How does Figure make money?

Figure’s revenue is split across multiple streams, balancing cyclical lending with more recurring service income.

Management indicates approximately 60% of revenue from lending/origination, 25% from trading marketplaces, and 15% from licensing and services.

Financial performance

• 2024: Revenue ~$340.9m; net income ~$20m; EBITDA ~$101m.

• H1 2025: Revenue ~$190.5m; net income ~$29m; Adjusted EBITDA ~$83m.

• Balance sheet: Shareholder equity $404m (June 2025); accumulated deficit $292m.

Figure has also securitised billions of HELOCs on Provenance, proving the platform’s ability to support real-world financial transactions.

The combination of transactional revenue from lending and recurring licensing from Provenance gives Figure a hybrid model. Lending is cyclical, but licensing grows steadily, helping smooth volatility across cycles.

What might influence the Figure stock price?

Once listed, Figure’s stock performance will depend on both internal execution and broader market forces.

Macroeconomic and sector trends

Figure will be highly exposed to the credit cycle. Rising rates could weigh on lending demand, though HELOC volumes may benefit if consumers seek liquidity without refinancing entire mortgages. Broader fintech valuations will also influence appetite. At the same time, blockchain-related stocks are regaining investor interest after a bruising period in 2022–23.

Company fundamentals

Investors and traders will track revenue growth, EBITDA margins, and backlog conversion. Sustained profitability – unusual for a fintech IPO –  is a strength. However, accumulated deficits highlight the capital-intensive nature of its expansion. Demonstrating discipline in costs post-IPO will be key.

Competition and innovation

Figure faces competition on two fronts. In lending, rivals include SoFi, Upstart, and banks. In infrastructure, it indirectly competes with custodians, clearinghouses, and platforms like Coinbase. Its moat is Provenance Blockchain, but adoption by major institutions will determine whether it scales. Should competitors launch comparable platforms, Figure’s differentiation may erode.

Regulatory and governance landscape

Figure straddles consumer credit and blockchain, subjecting it to oversight from multiple regulators — SEC, OCC, FINRA, and potentially CFTC. Strong compliance will support its positioning as a ‘regulated’ blockchain player. But any missteps or adverse rulings could weigh on valuation.

Global regulatory landscape

Outside the US, Europe’s MiCA framework (Markets in Crypto Assets) and Asia’s fintech openness provide opportunities. Figure’s ability to expand Provenance internationally will be influenced by how it navigates these rules.

ESG and green finance

Provenance enables paperless, automated settlement – aligning with sustainable finance narratives. ESG investors may reward Figure for efficiency gains. Demonstrating environmental benefits credibly could unlock new pools of capital.

Market sentiment and trading behaviour

As one of the largest blockchain-fintech IPOs since Coinbase, Figure will draw attention. Early trading may be volatile, mirroring Coinbase’s trajectory. Over time, sentiment will hinge on whether investors see it as a profitable fintech with blockchain upside or simply another high-risk fintech.

You can keep your finger on the pulse of the markets with expert insight from our in-house analysts. Check out our news and analysis section for more.

How to trade Figure share CFDs

When Figure lists, traders will be able to speculate on its share price via contracts for difference (CFDs).

How to get started

• 1. Choose a platformCapital.com offers CFDs on fintech and blockchain equities.
• 2. Open an accountVerify identity and complete suitability checks.
• 3. Deposit funds Fund your account securely. 
• 4. Track IPO performanceMonitor charts, alerts, and IPO pricing.
• 5. Go long or shortTrade in either direction depending on sentiment, using stop-loss* and take-profit tools.

IPOs can be volatile, particularly for blockchain-linked companies. CFDs magnify exposure through leverage, amplifying both gains and losses. Risk management is essential.

Note: IPOs can be volatile, especially in the early days of trading. CFDs let you act on price swings in either direction, but always apply risk management. CFDs are traded on margin, and leverage higher than 1:1 magnifies potential losses and gains.

Learn more about contracts for difference in our CFDs trading guide.

*Standard stop-losses are not guaranteed. Guaranteed stop-losses incur a fee when activated. 

Which fintech and blockchain stocks can I trade?

Traders may also be interested in related companies such as:

• Coinbase (COIN) – US-listed crypto exchange.

• SoFi Technologies (SOFI) – fintech lender and digital bank.

• Block (SQ) – payments giant with Bitcoin ecosystem exposure.

• Upstart (UPST) – AI-driven consumer lending.

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