Latest news with #MikeCagney
Yahoo
15 hours ago
- Business
- Yahoo
Figure's IPO filing marks Mike Cagney's return to public markets
Figure Technology, a seven-year-old blockchain-based lending company, has filed for an IPO of its Class A common stock on Nasdaq, with Goldman Sachs, Jefferies, and BofA Securities serving as its lead bookrunners. The number of shares on offer and price range have not yet been determined. Figure says in its IPO paperwork that its revenue rose 22.4% to $191 million in the six months ended June 30, and that it reported a profit of $29 million in the same period, compared with a loss of $13 million a year earlier. The filing offers a chance at vindication for Figure co-founder Mike Cagney, who previously built SoFi before leaving the personal finance platform in 2017 following sexual harassment allegations. SoFi went public in 2021 via a special purpose acquisition company (SPAC) merger and has done pretty well as a public company — its stock is up over 200% in the past year, and its revenue rose 44% in the second quarter of 2025. Since its founding in 2018 , Figure has established itself as one of the bigger players in blockchain-based lending, claiming more than 160 partners for its loan origination system and capital marketplace. Figure claims to be the largest non-bank provider of home equity lines of credit. The company, which Cagney founded with his wife June Ou, uses blockchain technology through its Provenance blockchain to speed along approvals for home equity loans, mortgage refinancing, and student and personal loans. In May, Figure said it was also expanding into cryptocurrency lending, signing a financing agreement with Victory Park Capital for what Figure described as the industry's first securitized pool of crypto-backed loans. That product allows asset owners to borrow against their Bitcoin and Ethereum holdings with loan-to-value ratios up to 75%. Terms of that deal with Victory Park were not disclosed. Cagney has a history of ambitious regulatory moves. As TechCrunch reported in late 2020, during the last days of the first Trump administration, Figure applied for a U.S. national bank charter that would have let it accept uninsured deposits exceeding $250,000 from accredited investors while avoiding traditional FDIC and Federal Reserve oversight. The approach could have established a template for other fintech and retail companies to obtain non-traditional bank charters and offer lucrative financial products while avoiding such oversight, but Figure withdrew its application last year amid broader fintech industry challenges. The company has undergone major leadership and organizational changes in the meantime. In April 2024, Figure appointed Michael Tannenbaum, former COO of Brex, as CEO. Tannenbaum previously worked with Cagney as SoFi's chief revenue officer. And in an unusual corporate maneuver, Cagney spun off Figure Markets in early 2024, creating a standalone digital asset exchange for crypto trading, crypto-backed loans, and stablecoins. But just over a year later, in July, Figure reversed course and smooshed the two entities back together. The company says the strategy positions it to capture a huge and growing opportunity in real-world asset tokenization. (Real-world asset tokenization involves converting traditional assets like mortgages, real estate, or loans — even art — into digital tokens that can be traded on blockchain networks. Heavyweight financial players like BlackRock and JPMorgan are among those who have recently entered the space.) It's worth noting that this is not Figure's first attempt at going public. The company previously planned to list via a merger with a SPAC called Figure Acquisition Corp, but the deal got scrapped due to rising interest rates and redemption rates, among other challenges. The blank check company was later delisted from the New York Stock Exchange. Figure, whose backers include Apollo Global Management and Ribbit Capital, also failed to complete a planned merger with mortgage lender Homebridge Financial Services in 2022, citing regulatory delays 10 months after the tie-up was announced. The IPO filing is no surprise to industry observers. For one, Figure — which last raised $200 million in 2021 at a $3.2 billion valuation — announced weeks ago that it had filed a confidential statement for an IPO. Further, the timing aligns with a growing wave of crypto-related companies seeking public listings, encouraged by the wildly successful debut of Circle Internet Group back in June, and the Trump administration's full-bodied support for the cryptocurrency sector and related legislation. Circle's shares soared more than 500% in their first two weeks on the public market. Crypto exchange Bullish has added to the momentum as its shares more than doubled on its first day of trading last week. On Friday, the Winklevoss twins' crypto exchange Gemini filed for an IPO despite reporting a $282.5 million net loss in the first half of 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
16 hours ago
- Business
- TechCrunch
Figure's IPO filing marks Mike Cagney's return to public markets
Figure Technology, a seven-year-old blockchain-based lending company, has filed for an IPO of its Class A common stock on Nasdaq, with Goldman Sachs, Jefferies, and BofA Securities serving as its lead bookrunners. The number of shares on offer and price range have not yet been determined. Figure says in its IPO paperwork that its revenue rose 22.4% to $191 million in the six months ended June 30, and that it reported a profit of $29 million in the same period, compared with a loss of $13 million a year earlier. The filing offers a chance at vindication for Figure co-founder Mike Cagney, who previously built SoFi before leaving the personal finance platform in 2017 following sexual harassment allegations. SoFi went public in 2021 via a special purpose acquisition company (SPAC) merger and has done pretty well as a public company — its stock is up over 200% in the past year, and its revenue rose 44% in the second quarter of 2025. Since its founding in 2018 , Figure has established itself as one of the bigger players in blockchain-based lending, claiming more than 160 partners for its loan origination system and capital marketplace. Figure claims to be the largest non-bank provider of home equity lines of credit. The company, which Cagney founded with his wife June Ou, uses blockchain technology through its Provenance blockchain to speed along approvals for home equity loans, mortgage refinancing, and student and personal loans. In May, Figure said it was also expanding into cryptocurrency lending, signing a financing agreement with Victory Park Capital for what Figure described as the industry's first securitized pool of crypto-backed loans. That product allows asset owners to borrow against their Bitcoin and Ethereum holdings with loan-to-value ratios up to 75%. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Terms of that deal with Victory Park were not disclosed. Cagney has a history of ambitious regulatory moves. As TechCrunch reported in late 2020, during the last days of the first Trump administration, Figure applied for a U.S. national bank charter that would have let it accept uninsured deposits exceeding $250,000 from accredited investors while avoiding traditional FDIC and Federal Reserve oversight. The approach could have established a template for other fintech and retail companies to obtain non-traditional bank charters and offer lucrative financial products while avoiding such oversight, but Figure withdrew its application last year amid broader fintech industry challenges. The company has undergone major leadership and organizational changes in the meantime. In April 2024, Figure appointed Michael Tannenbaum, former COO of Brex, as CEO. Tannenbaum previously worked with Cagney as SoFi's chief revenue officer. And in an unusual corporate maneuver, Cagney spun off Figure Markets in early 2024, creating a standalone digital asset exchange for crypto trading, crypto-backed loans, and stablecoins. But just over a year later, in July, Figure reversed course and smooshed the two entities back together. The company says the strategy positions it to capture a huge and growing opportunity in real-world asset tokenization. (Real-world asset tokenization involves converting traditional assets like mortgages, real estate, or loans — even art — into digital tokens that can be traded on blockchain networks. Heavyweight financial players like BlackRock and JPMorgan are among those who have recently entered the space.) It's worth noting that this is not Figure's first attempt at going public. The company previously planned to list via a merger with a SPAC called Figure Acquisition Corp, but the deal got scrapped due to rising interest rates and redemption rates, among other challenges. The blank check company was later delisted from the New York Stock Exchange. Figure, whose backers include Apollo Global Management and Ribbit Capital, also failed to complete a planned merger with mortgage lender Homebridge Financial Services in 2022, citing regulatory delays 10 months after the tie-up was announced. The IPO filing is no surprise to industry observers. For one, Figure — which last raised $200 million in 2021 at a $3.2 billion valuation — announced weeks ago that it had filed a confidential statement for an IPO. Further, the timing aligns with a growing wave of crypto-related companies seeking public listings, encouraged by the wildly successful debut of Circle Internet Group back in June, and the Trump administration's full-bodied support for the cryptocurrency sector and related legislation. Circle's shares soared more than 500% in their first two weeks on the public market. Crypto exchange Bullish has added to the momentum as its shares more than doubled on its first day of trading last week. On Friday, the Winklevoss twins' crypto exchange Gemini filed for an IPO despite reporting a $282.5 million net loss in the first half of 2025.
Yahoo
19 hours ago
- Business
- Yahoo
Blockchain Lender Figure Joins Crypto IPO Rush With Nasdaq Listing Bid Under 'FIGR'
Figure, the blockchain-powered lender founded by SoFi co-founder Mike Cagney, has filed with the Securities and Exchange Commission for an initial public offering as the latest entrant in a growing crypto IPO wave. The company plans to list its Class A shares on the Nasdaq under the ticker FIGR, with Goldman Sachs, Jefferies, and BofA Securities serving as lead underwriters. Figure's path to public markets has been years in the making. In 2021, it launched a special purpose acquisition company, Figure Acquisition Corp. I, with a $250 million raise aimed at acquiring growth-stage businesses using Provenance as an efficiency layer, however in the end this SPAC did not bring Figure to market. A friendlier regulatory stance under the Trump administration and buoyant crypto and stock markets have set the stage for a surge of digital asset firms tapping the equity markets, including crypto exchange Bullish which is the owner of CoinDesk. The company last month merged with Figure Markets, a blockchain marketplace also launched by Cagney that issues YDLS, a yield-bearing stablecoin structured as a tokenized money market fund. Financials disclosed in the S-1 show revenue up 22.4% in the first half of 2025 to $190.6 million, with net income of $29 million compared with a $13 million loss a year earlier. According to the filing with the SEC, proceeds from the IPO will fund working capital and potential acquisitions, with no dividends in to access your portfolio
CNA
a day ago
- Business
- CNA
Mike Cagney's Figure Technology reveals revenue surge in US IPO filing
Figure Technology Solutions' revenue surged 22 per cent in the first half of 2025, the blockchain lender disclosed on Monday in its U.S. initial public offering paperwork, the latest crypto-linked firm set to hit the new listings market. The company, co-founded in 2018 by technology entrepreneur Mike Cagney and his wife June Ou, is a blockchain-native capital marketplace that connects origination, funding, and secondary market activity. The New York-based company and some of its existing stockholders plan to sell shares in the offering. With the IPO calendar set for a seasonal slowdown through the end of August, corporate issuers are lining up for a potential roadshow launch after Labor Day when the new listings market kicks back into action. Winklevoss twins' crypto exchange, Gemini, also publicly filed for New York IPO last week. Figure's revenue surged 22.4 per cent to $191 million in the six months ended June 30. The company reported a profit of $29 million, compared with a loss of $13 million in the same period a year earlier. Cagney was also the co-founder of fintech SoFi and stepped down as the firm's CEO in 2018. Figure's loan origination system and capital marketplace is used by more than 160 partners. In 2021, Figure raised $200 million in a funding round at a$3.2 billion valuation. Earlier this month, Figure said it had confidentially filed for a New York IPO. Goldman Sachs, Jefferies and BofA Securities are the lead underwriters for the offering. Figure will list on the Nasdaq under the symbol "FIGR". Proceeds from the offering will be used for general purposes.
Yahoo
04-08-2025
- Business
- Yahoo
Blockhain-Based Loans Firm Figure Files Confidential Submission for IPO
Figure Technology Solutions said on Monday it has filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) to go public later this year. Figure is joining a growing list of digital asset firms aiming to go public, seeking capitalizing on the booming cryptocurrency and stock markets and recent U.S. regulatory advancements after Donald Trump took office with a pro-crypto agenda. Earlier this year, USDC (USDC) stablecoin issuer Circle (CRCL) had a blockbuster debut on the Nasdaq, with shares zooming to $300 from the IPO priced at around $30. Custodian BitGo, asset manager Grayscale and exchange operator and CoinDesk owner Bullish filed for IPOs as well. Figure, founded by former SoFi CEO Mike Cagney, has played a key role in the red-hot real-world asset (RWA) sector, originating over $16 billion in home equity lines of credit using the Provenance Blockchain. The firm last month announced a merger with Figure Markets, the blockchain-based marketplace also founded by Cagney and issuer of a yield-bearing stablecoin that operates as a tokenized money market fund (YDLS).Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
