Figure
Technology
Solutions
(FTS),
the
parent
company
of

Figure
Lending
LLC,
took
another
step
this
week
to
become
a
public
company,
just
one
week
after
announcing
a reorganization
of
its
enterprise
structure. 

On
Wednesday,
the
company
said
it
“has
confidentially
submitted
a
draft
registration
statement”
with
the U.S.
Securities
and
Exchange
Commission (SEC)
regarding
the
proposed
initial
public
offering
of
its
equity
securities. It
submitted
a
Form
S-1,
an
SEC
filing
used
by
companies
planning
on
going
public
to
register
their
securities.

“The
number
of
shares
to
be
offered
and
the
price
range
for
the
proposed
offering
have
not
yet
been
determined,” the
company
said
in
a
statement.
No
other
details
were
provided.

News
of
a
potential
public
offering
began
to
filter
out
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.

At
that
time, Bloomberg reported
that
LendCo,
which
was
valued
between
$2
billion
and
$3
billion,
was
expected
to
go
public
in
the
first
half
of
2024,
according
to
people
familiar
with
the
matter.

Last
week,

HousingWire
reported
that Figure
Lending
LLC was
operating
under
the
umbrella
of
FTS,
independent
of
CEO Mike
Cagney’s Figure
Technologies,
in
preparation
for
going
public. 

It’s
not
the
first
time
the
company
has
planned
to
go
public. 

Founded
in
2018
by
Cagney,
the
former
head
of SoFi,
Figure
planned
to
merge
with
a
special
purpose
acquisition
company
(SPAC)
called Figure
Acquisitions
Corp. after
four
years.

The
deal
was
scrapped
due
to
higher
interest
rates
and
rising
redemption
rates,
which
point
to
how
many
investors
are
exchanging
their
shares
to
get
their
money
back.
The
blank
check
company
was
delisted
from
the New
York
Stock
Exchange
in
December
2022.

Figure
also failed to
merge
with Homebridge
Financial
Services in
2022
due
to
regulatory
delays.
The
following
year, CMG acquired
Homebridge’s retail
assets.  

According
to
its
website,
Figure
has
originated
more
than
$8
billion
in
home
equity
lines
of
credit
(HELOCs)
as
of
February
2024
and
has
served
at
least
100,000
households
nationwide. 

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