From Startup to Public Company: Figure Technology Solutions Submits Draft IPO Registration Statement

Figure Technology Solutions moves closer to becoming a publicly traded company

Figure Technology Solutions, the parent company of Figure Lending LLC, is making strides towards becoming a public company by submitting a draft registration statement to the U.S. Securities and Exchange Commission for an initial public offering (IPO). The company filed a Form S-1, a standard filing used by companies looking to go public to register their securities. Details such as the number of shares offered and price range were not disclosed.

The move towards going public was first hinted at in November when Figure hired Goldman Sachs Group Inc., JP Morgan Chase & Co., and Jefferies Financial Group Inc. to take its lending division, LendCo, public. LendCo, valued between $2 billion and $3 billion, was expected to go public in the first half of 2024. According to HousingWire, Figure Lending LLC has been operating under FTS independently of CEO Mike Cagney’s Figure Technologies in preparation for the public offering.

Figure’s journey towards becoming a public company hasn’t been smooth. The company was originally founded in 2018 by Mike Cagney with plans to merge with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp. However, the deal fell through due to financial reasons. In 2022, Figure also attempted to merge with Homebridge Financial Services but regulatory delays caused the deal to fall through. Despite these setbacks, Figure has managed to originate over $8 billion in home equity lines of credit (HELOCs) and serve over 100,000 households nationwide as of February 2024.

Leave a Reply