The market for initial public offerings, or IPOs, for companies in the crypto sector has been quite active and successful this year. Starting from multi-asset trading platform eToro (ETOR) in May, followed by stablecoin issuer Circle (CRCL) and crypto-specific exchange platform Bullish (BLSH), all made spectacular debuts on the bourses, with eToro and Circle being oversubscribed.

Thus, it will be a tough act to follow for blockchain-based lender Figure Technology (FIGR).

About Figure Technology

Founded in 2018, Figure Technology is a blockchain-native lending and capital marketplace providing faster, more efficient consumer credit services, especially home equity lending. Figure uses its Provenance blockchain to digitize loan origination, securitization, and capital market processes, dramatically speeding up home equity lending. It has originated over $16 billion in home equity loans to date.

The company's stock is set to list on the exchanges today and will trade under the ticker FIGR. Seeking to raise $526.3 million from the offering, Figure actually expects net proceeds from it to be about $376.4 million and proposes to offer 26.3 million shares in the expected price range of $18-$20. The company intends to use the net proceeds for general corporate purposes and to acquire or invest “in businesses, products, services, or technologies.”

But the question remains: Should the Figure IPO be subscribed to, or will investors shun it, citing crypto IPO fatigue? Let's figure it out.

Figuring Out the Financials

Figure's revenues have been on an uptrend over the years, with expectations of growth in 2025 as well. Revenues increased to $340.9 million in 2024 from 2023's figure of $209.5 million. Further, the company turned a loss of $52.4 million recorded in 2023 to a net income of $19.9 million in 2024. The picture is playing out the same way in the first six months of 2025 as well, with revenues for the period coming in at $190.6 million, up 22.2% from the year-ago period, as the company reported a net income of $29.4 million in the same period compared to a loss of $13.4 million in the previous year.

Ecosystem Volume, which reflects the total dollar volume of transactions processed across Figure’s entire platform, including all consumer loans, partner-branded products, Figure-branded loans, and digital asset marketplace activity, grew by an impressive 73.5% on a year-over-year (YoY) basis to $5.9 billion in 2024. In the same period, the Consumer Loan Marketplace Volume, which is the total loan origination volume across Figure’s consumer lending marketplace and the biggest component of its lending business, rose by 50% from the previous year to $5.1 billion. For the six months ending June 30, 2025, Ecosystem Volume was at $3.5 billion (vs. $2.5 billion in 2024), and Consumer Loan Marketplace Volume was at $3.2 billion (vs. $2.5 billion in 2024).

Overall, the company ended the first six months of 2025 with a cash balance of $395.3 million, higher than its short-term debt levels of $278.4 million.

Thus, Figure's financials are on a steady path of growth, with profitability. However, sustaining loan growth while being profitable at the same time is a tricky path that the company has to, well, figure out.

Sizeable Market Opportunity, and What Is Figure Doing To Seize It

The market for digital lending is set to soar from $10.91 billion in 2024 to $114.72 billion by 2034. Although this growth will not directly transfer to blockchain-based lending, it can be estimated that a substantial part will. This is because the strength of blockchain technology lies in its capacity to maintain a permanent and verifiable record, ensuring that past transactions cannot be altered or erased. This permanence promotes a level of trust that is difficult for centralized systems to achieve, as the latter allow for the possibility of post-event data manipulation.

Notably, Figure is well-placed to capture growth in this expanding field, with several factors working to its advantage. Foremost among these is the company’s Provenance blockchain, a public and open-source proof-of-stake platform built on the Cosmos SDK, created specifically for the needs of financial services and asset tokenization. Unlike more generic blockchain frameworks, Provenance integrates finance-focused modules and application programming interfaces that address requirements such as sanctions and quarantine management, identity verification, metadata protection, transaction settlement, and cross-chain connectivity. This design makes it possible to issue regulated assets while maintaining privacy, ensuring compliance, and enabling interaction with established financial systems.

Its position is further strengthened by a network of over 160 partners, generating multi-billion-dollar flows under their own brands, which the company identifies as a key growth contributor. Figure has also emerged as a prominent player in the non-bank Home Equity Line of Credit market. A HELOC is a revolving credit line secured by the equity in a borrower’s home, a segment that has long been dominated by banks. With cumulative originations exceeding $16 billion, Figure is the only non-bank to feature on certain top-25 HELOC lender lists. A major reason for this success is its significantly faster funding process, averaging between five and ten days, compared with the industry norm of roughly 42 days.

Final Take

Figure is operating in a niche space of the financial services domain, which is expected to witness substantial growth in the coming years. With its improving financials, large partner network, and proprietary blockchain technology, Figure is in an envious position to grab significant market share in the overall digital lending space.

However, like any upstart, its rapid growth will draw the attention of traditional powerhouses in the industry, and Figure should be nimble enough to thwart these deep-pocketed and resourceful competitors, playing on its strengths of technology and innovation.