Founded in 2018, Figure’s business centers around putting mortgages on the blockchain, which the company says speeds up the granting and funding of home loans. From June 2024 to June of this year, it facilitated about $6 billion in loans, according to filings with the Securities and Exchange Commission. And from January to June, it generated more than $190 million in revenue and almost $30 million in net income.
“The IPO is one step in a long process to bring blockchain to all aspects of capital markets,” wrote Mike Cagney, cofounder and executive chairman of Figure, in a letter to investors in the company’s prospectus.
“At SoFi, there were…deficiencies in our culture,” he said. “And so I think with Figure, it’s a maturing process. And, I expect I’ll leave Figure Markets even better than we were able to leave Figure, so I think we just constantly learn.”
Correction, Sept. 11, 2025: A previous version of this article misstated Mike Cagney’s role at Figure. He’s cofounder and executive chairman, not CEO.
