- Figure Technologies completed its initial public offering (IPO), raising $787.5 million.
- The company began trading on the Nasdaq under the ticker “FIGR.”
- Figure uses blockchain technology to provide home equity loans and other lending services.
- The platform reported a total market cap of $12.5 billion for its tokenized home equity loans.
- The IPO values Figure Technologies at $5.29 billion.
Figure Technologies, a blockchain-based lending platform, launched trading on the Nasdaq on Thursday after raising $787.5 million in its initial public offering. The company sold 31.5 million shares at $25 each under the ticker symbol “FIGR.”
The offering included both new shares and shares from existing investors, according to a press release. With 211 million shares outstanding, this puts Figure’s total valuation at $5.29 billion.
Lead underwriters for the IPO were Goldman Sachs and BofA Securities. Of the total raised, Figure itself received $587 million, while the remainder went to investors selling their shares. The company is one of several crypto-related firms to go public on Wall Street this year.
Figure uses a blockchain system called Provenance to streamline lending, including home equity line of credit (HELOC) loans. HELOCs are loans that allow homeowners to borrow against their home’s value. Traditional HELOC approvals can be slow, but Figure says blockchain technology lets it approve loans in minutes and provide funding within days.
According to data from RWA.xyz, Figure had $11.7 billion in outstanding on-chain private credit loans as of Thursday. Its tokenized HELOC loans reached a $12.5 billion market cap, which is larger than the market cap of the Avalanche cryptocurrency, according to CoinGecko.
Since starting in 2018, Figure and its partners have originated $16 billion in home loans. The company also offers crypto-backed loans. Other crypto and blockchain lenders like Tradable and Maple Finance reported total loan originations of $2.1 billion and $1.2 billion, respectively.
Figure Technologies presents itself as the largest non-bank provider of home equity financing in the U.S. The listing follows public offerings by other crypto firms such as Bullish and Circle, with Gemini set to go public soon.
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