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Figure’s IPO filing marks Mike Cagney’s return to public markets
Figure Technology, a seven-year-old blockchain-based lending company, has filed a registration statement with the SEC for an IPO of its Class A common stock. The filing offers a chance at vindication for Figure co-founder Mike Cagney.
As TechCrunch reported in late 2020, during the last days of the first Trump administration, Figure applied for a U.S. national bank charter that would have let it accept uninsured deposits exceeding $250,000 from accredited investors while avoiding traditional FDIC and Federal Reserve oversight. Figure, whose backers include Apollo Global Management and Ribbit Capital, also failed to complete a planned merger with mortgage lender Homebridge Financial Services in 2022, citing regulatory delays 10 months after the tie-up was announced. Further, the timing aligns with a growing wave of crypto-related companies seeking public listings, encouraged by the wildly successful debut of Circle Internet Group back in June, and the Trump administration’s full-bodied support for the cryptocurrency sector and related legislation.
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