"The lending company in the cryptocurrency circle" has arrived, Figure has submitted an IPO application, and the founder was once a "P2P veteran" SoFi CEO

Based on blockchain technology, lending company Figure Technology Solutions Inc. has officially submitted an IPO application to the U.S. Securities and Exchange Commission, joining the wave of cryptocurrency-related companies going public.

On August 19, it was reported that documents released by the U.S. Securities and Exchange Commission on Monday showed that Figure achieved a net profit of $29.1 million and revenue of $190.6 million for the six months ending June 30. This performance is significantly better than the net loss of $15.6 million and revenue of $156 million during the same period last year.

This turnaround reflects the gradual maturation of the company's business model and increased market acceptance. The company had previously submitted a confidential IPO application earlier this month, and the formal public application marks an acceleration of its listing process. Goldman Sachs Group, Jefferies Financial Group, and Bank of America will serve as the lead underwriters for this IPO.

Analysts pointed out that Figure's IPO initiative reflects the continued penetration of cryptocurrency-related companies into traditional capital markets and signifies further commercialization of blockchain technology in the traditional financial services sector.

Balancing Business Scale and Customer Quality

The IPO application documents show that Figure has facilitated over $16 billion in lending on the blockchain, demonstrating a considerable business scale.

In terms of customer quality, the weighted average FICO credit score of HELOC loan customers from partner brands initiated or purchased by Figure in 2024 is 753, while the average score for Figure brand loan customers is 740. These data indicate that the credit status of the customer base served by the company is good.

On the technology application front, Figure is leveraging artificial intelligence technology to optimize business processes. The company uses OpenAI's technology to assist in evaluating loan applications and has deployed a chatbot powered by Gemini, a subsidiary of Google's parent company Alphabet, on its website.

Figure's investor lineup includes well-known institutions such as Apollo Global Management Inc., 10T Holdings LLC, and Ribbit Capital. The participation of these investors provides the company with financial support and industry endorsement.

After the IPO is completed, the company will change its name from FT Intermediate Inc. to Figure Technology Solutions.

Analysts noted that Figure's IPO application marks an important milestone for the commercial application of blockchain technology in traditional financial services, providing investors with a direct opportunity to participate in this emerging field.

Transitioning from SoFi to Blockchain Lending

Figure was co-founded by Mike Cagney in 2018. Cagney was a founding team member of online lending platform SoFi Technologies Inc. and served as CEO until his departure in 2018. This background brings a strong fintech gene to Figure. The company appointed Michael Tannenbaum as the new CEO in 2024, while Cagney will continue to play an important role in the company. According to the application documents, after the IPO is completed, Cagney is expected to still control the majority voting rights of Figure.

Figure's core business is developing blockchain technology to facilitate lending operations. The company initially focused on Home Equity Lines of Credit (HELOC) products, and its business scope has now expanded to areas such as cryptocurrency mortgages and digital asset exchanges