Figure CEO on IPO: We will transform investing by using the blockchain

Thu, Sep 11, 2025, 10:24 AM 1 min read

Figure Technology Solutions (FIGR) co-founder and CEO Mike Cagney says his blockchain business is ready for the big-time.

"So if you think of something like the stock market, it's an easy example. Seven parties sit in between buyers and sellers of every transaction. Blockchain has the ability to distill that down just to two. Every time we swipe a debit card, five parties sit in between the buyer and seller. Blockchain can distill that down to two," Cagney told me on Yahoo Finance's Market Catalysts (video above).

Figure Technology Solutions raised $787.5 million in its IPO this week. The company sold 31.5 million shares priced at $25, above the expected range of $20 to $22. At the IPO price, Figure's valuation was stamped at $5.3 billion.

The company was co-founded in 2018 by SoFi (SOFI) founder Cagney. A complicated business at first glance, Figure at its core is a blockchain platform that supports lending, trading, and investing in consumer credit and digital assets.

According to its IPO prospectus, its technology helps fund home equity loans in just 10 days compared to the industry average of 42 days.

For the twelve months ended June 30, 2025, Figure facilitated approximately $6 billion of home equity lending, up 29% from a year ago. The company earns a piece of the volume it helps fund.

Total revenue clocked in at $190.6 million for the six-months ended June 30, up 22% from a year ago. Net income came in at $29.4 million versus a loss of $13.4 million last year.

Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.

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