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.