Figure Technology Solutions (FIGR) Registration Filing summary

Company overview and business model

• Operates a blockchain-based platform for lending, trading, and investing, focusing on consumer credit and digital assets.

• Offers a proprietary loan origination system (LOS), a digital asset exchange, and a marketplace (Figure Connect) for loan trading.

• Achieved rapid growth, with $50B+ in cumulative transaction volume since 2018 and 168 active partners as of Q2 2025.

• Holds a leading 75% market share in tokenized private credit and is the top non-bank HELOC originator.

• Monetizes through technology fees, origination, gain on sale, servicing, and ecosystem fees.

Financial performance and metrics

• Net income of $29M and Adjusted EBITDA of $83M for the six months ended June 30, 2025; net income of $20M and Adjusted EBITDA of $101M for 2024.

• Net revenue grew 63% from $210M in 2023 to $341M in 2024; Adjusted Net Revenue up 58% to $339M in 2024.

• Ecosystem volume reached $5.9B in 2024, with a 86% CAGR from 2020 to 2024.

• As of June 30, 2025, total assets were $1.27B, with $404M in stockholders' equity.

• Maintains strong partner retention (93% in 2024) and low loss rates (<1% of volume).

Use of proceeds and capital allocation

• IPO expected to raise ~$376.4M (or $446.9M if underwriters exercise their option), net of expenses, at a midpoint price of $19.00 per share.

• Proceeds will be used for general corporate purposes, including working capital, operating expenses, and capital expenditures; may also be used for acquisitions or investments, though none are currently planned.