Figure’s IPO Filing Marks Mike Cagney’s Return to Public Markets
Figure Technology, the 7-year-old blockchain-based lending company, has filed for an IPO of its Class A common stock on Nasdaq. The IPO filing, which highlights revenue growth of 22.4% to $191 million for the six months ending June 30, also shows a profit of $29 million, reversing a $13 million loss from last year. Figure’s IPO filing marks Mike Cagney’s return to public markets, generating renewed attention for the fintech entrepreneur.
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For Mike Cagney, this filing offers a major comeback. He previously co-founded SoFi, stepping down in 2017 after sexual harassment allegations. SoFi went public in 2021 via a SPAC merger and has performed strongly as a public company, with stock up over 200% in the past year and Q2 2025 revenue growth of 44%.
Figure’s Blockchain Lending Growth
Since its founding in 2018, Figure has become a notable player in blockchain-based lending. The company claims over 160 partners for its loan origination system and capital marketplace. Notably, Figure positions itself as the largest non-bank provider of home equity lines of credit.
How Figure Uses Blockchain Technology
Cagney and his wife June Ou co-founded Figure to leverage blockchain through the Provenance blockchain. This technology accelerates approvals for home equity loans, mortgage refinancing, and personal and student loans. By streamlining these processes, Figure aims to modernize traditional lending.
Expansion Into Cryptocurrency Lending
In May, Figure announced plans to expand into cryptocurrency lending, signaling its intent to diversify offerings and capitalize on growing crypto adoption. This move aligns with Cagney’s vision of integrating fintech innovation with digital asset opportunities.
Why Investors Are Watching
With Figure’s IPO filing marking Mike Cagney’s return to public markets, investors are closely watching how the company will perform in the public domain. Strong revenue, profitable operations, and blockchain-driven efficiency position Figure as a fintech contender worth monitoring.
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