Blockchain lender Figure, founded by Mike Cagney, has filed for an initial public offering (IPO) aiming to raise $526 million. The company has demonstrated significant growth and favorable financial dynamics over the past six months.
Details of Figure's IPO
Figure has filed for an IPO worth up to $526 million with the U.S. Securities and Exchange Commission. The company plans to debut on Nasdaq under the ticker FIGR with an initial price range of $18 to $20 per share. A total of 21.5 million shares will be offered, while shareholders will sell 4.9 million shares. If the shares are sold at $20, the company's valuation would be approximately $4.13 billion.
Company's Financial Results
According to the listing filing, Figure reported revenue of $190.6 million for the six months ended June 30, with a net income of $29.1 million. In the same period a year earlier, the company reported revenue of $156 million and a net loss of $15.6 million.
Figure's Founder and His Story
Mike Cagney, co-founder of Figure, was previously the CEO of fintech company SoFi, which focused on creating a financial 'super-app'. He left SoFi in 2017 amid allegations of sexual harassment. In 2018, he launched Figure, focusing on blockchain-based lending.
Figure's IPO marks an important step for the company and highlights the growing interest in blockchain technologies within traditional financial markets. With positive financial dynamics and significant experience from its founder, Figure is likely to attract investor attention.
