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Blockchain lender Figure, led by former SoFi CEO Mike Cagney, seeks to raise $526 million in its IPO<\/p>\n
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Crypto firms are increasingly attracting attention in traditional markets. On Tuesday, Sept. 2, blockchain-based lending company Figure filed for an initial public offering with the U.S. Securities and Exchange Commission, according<\/a> to Bloomberg. The firm and its backers aim to raise $526 million on the public market.<\/p>\n Figure would debut on the Nasdaq under the ticker FIGR, with an initial price range of $18 to $20 per share. The company will offer 21.5 million shares, while its shareholders will sell 4.9 million. If the company sells its shares at $20, that would put its valuation at about $4.13 billion.<\/p>\n In a 2021 funding round, the company\u2019s valuation reached $3.2 billion. Apollo Global, Ribbit Capital, and 10T Holdings were among its backers. Post-IPO, the company\u2019s co-founder, Mike Cagney, would retain majority voting control. <\/p>\n <\/p>\n According to the listing filing, Figure reported revenue of $190.6 million for the six months ended June 30. In the same period, the firm reported net income of $29.1 million. During the same period a year earlier, the company reported $156 million in revenue and a $15.6 million loss.<\/p>\n <\/p>\n The firm started out with home-equity lines of credit products and also offered crypto-backed loans. So far, the company has facilitated $16 billion in loans on the blockchain.<\/p>\nFigure sees $190.6M in revenues in six months<\/h2>\n