Figure reportedly set to go public in the fall
Figure
Technology
Solutions,
which
specializes
in
blockchain-based
home
loans
and
cryptocurrency
exchange,
announced
its
intention
to
go
public
in
the
fall,
with
a
target
to
raise
between
$5
billion
to
$10
billion.
The
initial
public
offering,
reported
by
AInvest
on
Tuesday,
comes
after
the
San
Francisco-based
company
faced
previous
challenges
to
go
public
during
the
Biden
administration.
Figure
did
not
immediately
respond
to
HousingWire‘s
request
for
comment.
Figure
generates
most
of
its
revenue
from
its
home
equity
line
of
credit
(HELOC)
business,
which
has
grown
as
rising
home
prices
and
high
interest
rates
discourage
refinancing.
In
2024,
more
than
88%
of
the
company’s
volume
of
$26.02
million
came
from
home
equity
loans,
according
to
Modex
data.
The
move
follows
Figure
and
global
investment
firm
Sixth
Street‘s
announcement
of
a
joint
venture
vehicle
earlier
this
year.
Sixth
Street’s
asset-based
finance
platform
committed
to
invest
$200
million
of
equity,
which
was
expected
to
securitize
Figure
loans,
sell
its
bonds
to
investors
and
buy
loans
from
originators,
opening
up
a
more
liquid
marketplace.
Editor’s
note:
This
is
a
developing
story
and
will
be
updated
as
further
information
becomes
available.
