Figure Technology Solutions moves forward in the process of going public

Figure Technology Solutions (FTS), a company founded in 2018 by former SoFi head Mike Cagney, has taken another step towards becoming a public company. Just one week after reorganizing its enterprise structure, the parent company of Figure Lending LLC confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering of its equity securities.

This move comes after rumors of a potential public offering started circulating 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. Bloomberg reported that LendCo, valued between $2 billion and $3 billion, was expected to go public in the first half of 2024. However, last week it was reported that Figure Lending LLC was operating independently under FTS in preparation for going public.

Despite these recent developments, this is not the first time Figure has planned to go public. In 2018, the company initially planned to merge with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp., but the deal fell through due to higher interest rates and rising redemption rates, resulting in the delisting of the blank check company. The following year, Figure attempted to merge with Homebridge Financial Services but regulatory delays prevented the transaction. The following year, CMG acquired Homebridge’s retail assets.

As of February 2024, Figure has originated over $8 billion in home equity lines of credit (HELOCs) and has served at least 100,000 households nationwide. These recent moves indicate thatFigure’s continued efforts to become a publicly traded company are gaining momentum as they continue their journey towards becoming a household name in consumer finance technology solutions industry .

By Sophia Gonzalez

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