Figure co-founder on IPO: We will transform investing by using the blockchain

Figure Technology Solutions (FIGR) co-founder 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,” 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 stock opened at $36 in early afternoon trading, up about 44%.

The company was co-founded in 2018 by Cagney, who previously co-founded SoFi. 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 12 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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