Figure Raises $787 Million in Blockchain-Driven IPO Surge

Figure Technology Solutions, co-founded by Mike Cagney, recently completed a successful IPO, raising $787.5 million with a valuation of $5.3 billion, as shares surged nearly 40% above the initial price. The company is a leader in blockchain-based lending, particularly in home equity loans, having facilitated around $6 billion in such loans in the past year, significantly faster than the industry average. Figure leverages its proprietary Layer 1 blockchain, Provenance, to streamline mortgage processes and conduct real-world asset tokenization, positioning itself as a major innovator in integrating blockchain with traditional financial markets. With $190.6 million in revenue and a net income of $29.4 million in the first half of 2025, the company has turned profitable, distinguishing itself in the fintech sector. CEO Mike Cagney envisions blockchain technology drastically reducing intermediaries in financial transactions, comparing its potential impact to the transformation seen in stock markets. The IPO proceeds are expected to fuel Figure's expansion and cement its role as a first mover in blockchain-powered financial services.