A Look at Figure Technology’s Upcoming IPO on Nasdaq (FIGR)

The fintech wave keeps surging, and now Figure Technology Solutions, Inc. is ready to catch it. The company has already filed their prospectus, laying out plans for its highly anticipated initial public offering. This move marks a new chapter for one of the most disruptive players in blockchain finance, and it comes with a carefully crafted offering structure that gives us a glimpse into the company’s long-term strategy.

With more than 26 million shares hitting the market, a valuation in the multi-billion-dollar range, and a dual-class voting structure that keeps control tightly held, this IPO has all the makings of a high-profile debut. Let’s break it all down: the numbers, the players, the strategy, and why Figure is a name you’ll want to remember.

What is Figure Technology Solutions?

Founded by Michael Cagney, a co-founder of SoFi, Figure Technology Solutions is all about reengineering financial services using blockchain technology. The company has created a comprehensive tech stack that supports a variety of products, including:

• Digital lending platforms for home equity lines of credit (HELOCs)

• Capital markets infrastructure

• Blockchain-based payment systems

• Digital fund services

• Private company equity management

At its core, Figure is building a blockchain-native financial ecosystem. Its flagship blockchain, Provenance Blockchain, powers loan origination, trading, asset securitization, and settlement. This model removes layers of inefficiency that are common in traditional banking and capital markets.

In addition to consumer lending, Figure has carved out a unique position in the secondary trading of private company equity. This allows startups and private firms to tokenize equity, facilitate liquidity events, and manage cap tables all in one digital environment. It's a game changer for firms looking to access capital without the delays and costs of traditional fundraising methods.

Figure also operates Figure Pay, a payment and banking service that integrates with Provenance Blockchain to allow seamless peer-to-peer and merchant payments. This system not only offers reduced transaction costs but also enables real-time settlement, which is a major differentiator compared to legacy ACH or wire systems.

As of 2025, Figure has processed billions of dollars in loan volume and is positioning itself as a vertically integrated financial powerhouse. Its operational model cuts across several high-value verticals, allowing it to serve retail, institutional, and enterprise customers from one unified blockchain platform.

The IPO Breakdown: Shares, Pricing, and Listing

Here's what we know about the IPO:

• Total shares offered: 26,315,789 Class A shares

  • 21,461,085 shares by Figure

  • 4,854,704 shares by existing stockholders

• Expected IPO price range: $18.00 to $20.00

• Listing exchange: Nasdaq

• Ticker symbol: FIGR

At the midpoint of the pricing range ($19 per share), the offering could raise around $500 million, with the potential to go higher if underwriters exercise their full 3,947,368-share overallotment option.

Use of Proceeds

Figure expects to use the net proceeds from the IPO to:

• Fuel product development and platform enhancements

• Support domestic and international expansion

• Cover general corporate expenses and potential strategic acquisitions

In other words, this IPO isn’t just a liquidity event. It’s a launchpad for scaling Figure’s operations at a global level.

Who’s in Control? Dual-Class Structure Explained

The company’s capital structure will include:

• Class A shares: One vote per share

• Class B shares: Ten votes per share, convertible to Class A

Co-founder Michael Cagney, along with his permitted transferees, will own roughly 37.9 million Class B shares, amounting to 69.2% of total voting power. This voting control remains intact even if only a minority of the company’s equity is held by insiders.

Because of this, Figure will be considered a "controlled company" under Nasdaq listing standards. That status exempts it from certain corporate governance rules, such as requiring a fully independent board.

While this setup might concern governance purists, it allows Figure to move fast, make decisions quickly, and stick to its long-term vision without worrying about shareholder votes disrupting execution.

Investor Spotlight: Duquesne Family Office Shows Interest

A key note from the filing: Duquesne Family Office LLC, founded by legendary investor Stanley Druckenmiller, has expressed interest in purchasing up to $50 million worth of Class A shares at the IPO price. While this is a non-binding expression of interest, it’s a strong vote of confidence from one of the most respected investment minds in the game.

It’s also worth noting that Duquesne’s shares won’t be subject to lock-up restrictions, meaning they could sell sooner than other investors. This detail is important for anyone eyeing early trading activity.

The Directed Share Program: Friends and Insiders First

Up to 1,315,789 shares have been set aside for a Directed Share Program. This allows employees, directors, friends, and family of Figure to buy in at the IPO price, typically before shares hit the open market.

While small in scale, programs like this can foster loyalty, strengthen internal morale, and keep employee interests aligned with shareholders.

Financial Snapshot: Growth and Scale

Though the IPO filing didn’t include full-year financials in the excerpt provided, earlier investor presentations and industry insights suggest:

• Loan originations have surpassed $6 billion across multiple verticals

• Operational efficiency is a major theme, with blockchain reducing settlement times from days to minutes

• Revenue growth has been triple digits year-over-year in recent quarters

What sets Figure apart is its ability to own the full financial stack. Rather than just providing a slick interface on top of outdated banking systems, Figure has developed and deployed its own infrastructure. This means better speed, fewer fees, and complete control over compliance, risk, and performance.

Management Team and Governance

Here’s who’s leading the charge:

• Michael Tannenbaum, CEO - former CFO of SoFi with a strong fintech scaling background

• Michael Cagney, Co-founder and Director - visionary behind both SoFi and Provenance Blockchain

• Ronald Chillemi, Chief Legal Officer - legal strategist with deep regulatory expertise

Legal representation comes from Latham & Watkins LLP and Davis Polk & Wardwell LLP, reflecting Figure’s commitment to regulatory compliance and best-in-class legal guidance.

The Market Opportunity

Figure is not just trying to build a better bank. It's aiming to redefine the financial infrastructure itself. And the total addressable market (TAM) is massive:

• $12 trillion U.S. mortgage market

• $1.2 trillion annual HELOC volume

• $30+ trillion in global asset management

• $40 trillion global payment flows per day

Even capturing a fraction of these markets could turn Figure into a multi-billion-dollar enterprise with a dominant position in fintech.

Risks to Watch

No investment is without risk, and Figure’s filing outlines a few to consider:

• Heavy dependence on regulatory approval for blockchain usage

• Intense competition from both legacy and startup financial players

• Potential volatility due to its controlled company structure

• Lack of profitability at IPO, if applicable

Still, for long-term believers in blockchain finance, these risks may be outweighed by the upside.

Key Takeaways

• IPO Size: 26.3 million shares, priced between $18 to $20

• Total Capital Raised (Est.): Up to $500 million

• Ticker: FIGR

• Exchange: Nasdaq

• Voting Power: Co-founder Michael Cagney holds 69.2%

• Investor Interest: Duquesne Family Office may buy up to $50 million in shares

• Blockchain-Driven: Platform built on Provenance Blockchain

• Strategic Focus: Loans, capital markets, payments, fund services

Final Thoughts

Figure Technology Solutions is not just another fintech chasing a flashy IPO. It's a company attempting to rebuild financial infrastructure from the ground up, using blockchain as its foundation. The structure of the IPO, dual-class shares, insider control, strategic investors, shows a long-term vision.

For investors who believe that traditional finance is overdue for a shake-up, Figure’s IPO could be a compelling opportunity. But as always, it comes with risk. Regulation, market dynamics, and adoption hurdles could shape the trajectory in unexpected ways.

Still, if they can pull off even a fraction of what they’re aiming for, Figure might just become one of the most transformative public companies in finance over the next decade.

FAQs

What makes Figure different from other fintechs?

Unlike most fintechs that sit on top of existing infrastructure, Figure is building its own. From origination to trading to settlement, everything runs on their proprietary blockchain platform. This results in more speed, lower costs, and better control.

Is this a profitable company?

The filing suggests that Figure is prioritizing growth over profits at this stage. Like many tech IPOs, profitability may be a long-term goal rather than a short-term metric.

What’s Provenance Blockchain?

Provenance Blockchain is the open-source, public blockchain developed by Figure to handle complex financial transactions, from loan origination to securitization to payment processing. It’s designed for institutional finance, not crypto speculation.

Will the Class A shares have any voting power?

Yes, each Class A share equals one vote. However, Class B shares (held by insiders) carry ten votes each, giving control to the co-founder and his affiliates.

Can I invest now?

You can’t buy pre-IPO shares unless you’re invited to the Directed Share Program. However, shares will be available to the public shortly after the IPO goes live on the Nasdaq.

Figure Technology FIGR IPO

Figure Technology FIGR IPO

Financial Disclaimer

This article is intended for informational and educational purposes only. It does not constitute investment advice, financial guidance, or an offer or solicitation to buy or sell securities in any jurisdiction. All investing involves risk, including the potential loss of principal. Always consult a licensed financial advisor or professional before making any investment decision.