Founded in 2018 by Mike Cagney, Figure is a U.S. blockchain fintech and one of the pioneers of on-chain lending. The company has originated over $16 billion in loans, and its solutions are already adopted by more than 168 partners, including 50% of the top 20 U.S. mortgage retailers.
Figure aims to raise up to $500 million, making its IPO one of the largest fintech listings of 2025, with a valuation of around $4 billion.

Financial and product ecosystem — beyond lending, Figure has built a blockchain platform for securitization and asset trading, launched the SEC-approved stablecoin YLDS, and is developing infrastructure that enables direct on-chain financing without intermediaries.
Strong founders and expertise — Mike Cagney, who previously built SoFi into one of the largest U.S. fintech players, has applied his expertise to create Figure as a platform for the next generation of credit markets.
Innovation and trust — by leveraging blockchain, Figure reduces transaction costs by nearly 85 basis points, increases transparency, and reinforces institutional confidence in on-chain solutions.

IPO Figure — one of the most anticipated fintech listings of the year. The deadline for applications and account funding is Wednesday, 6:00 PM (UAE time).

Figure offers a rare opportunity to invest in a blockchain fintech founded by Mike Cagney, co-founder of SoFi. The company is recognized as one of the pioneers of on-chain lending. At IPO, Figure is targeting a valuation of around $4 billion, with plans to raise up to $500 million, making it one of the largest fintech offerings of 2025.

Institutional focus: more than 168 partners, including half of the top 20 U.S. mortgage retailers, rely on Figure’s technology for on-chain lending and securitization.
Ecosystem: home equity lines of credit (HELOC), a blockchain platform for securitization and asset trading, the SEC-approved stablecoin YLDS, and a “blockchain-native capital markets” model that enables rapid loan financing without traditional banking intermediaries.
Strong metrics: over $16 billion in loans originated, hundreds of retail lenders active on the platform, and transaction costs reduced by 85 basis points (0.85%), underscoring institutional adoption of on-chain solutions.
IPO outlook: Figure is targeting a valuation of around $4 billion and raising up to $500 million, positioning it as one of the largest fintech listings of 2025 and a key test of market readiness to support blockchain-infrastructure companies.

Figure was founded in 2018 by Mike Cagney — an entrepreneur who previously built SoFi into one of the largest U.S. fintech players. His goal was to create a new credit market infrastructure powered by blockchain, designed to replace outdated mechanisms of financing and securitization. 
From the very beginning, Figure focused on innovation and institutional adoption: it became one of the first companies in the world to originate loans on-chain, reducing transaction costs by nearly 0.85%. Today, its technology is used by more than 168 partners, including half of the top 20 U.S. mortgage retailers. This sent a clear signal to the industry that blockchain solutions can move beyond experimentation and become the foundation for mainstream finance.

The name Figure reflects the idea of “new financial figures” — transparent, digital, and blockchain-native. The company immediately embraced a blockchain-native capital markets architecture, where loans and assets can not only be originated but also rapidly financed and traded directly, without intermediaries.

In just a few years, Figure evolved from a startup offering HELOC (Home Equity Line of Credit) products into a full-fledged platform for lending, securitization, and asset trading. Its ecosystem includes on-chain loans, a securitization platform, hundreds of retail lenders, and the SEC-approved stablecoin YLDS. Together, these elements reinforce institutional confidence in on-chain solutions.

Today, Figure is one of the flagship blockchain fintechs in the U.S. The company is preparing for an IPO on Nasdaq with a target valuation of around $4 billion and plans to raise up to $500 million. For investors, this is a chance to participate in one of the most innovative and technologically advanced fintech projects, poised to reshape credit market infrastructure. The IPO will serve as a test of the market’s readiness to support blockchain infrastructure companies, not just crypto exchanges.

— What is an IPO?
An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

— Where are IPOs conducted?
IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

— What is allocation?
Allocation (from “allocation” — distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

— How much allocation does an investor receive?
The allocation size depends on the specific deal and typically ranges from 2% to 30% of the submitted order. Information about the actual allocation becomes available roughly one day before the offering, approximately six hours prior to the trade.

Example — Bullish IPO:
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

— Why do companies go public?
To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

— How is participating in an IPO different from buying shares on the exchange?
When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

— What do I get by participating in an IPO through Regolith?
You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

— What is a lock-up period and how long does it last?
A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

— How is participating through the platform different from buying shares independently?
To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

— Through whom is IPO participation carried out?
We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

— How is the deal structured legally?
An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity — Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

— Is there a minimum investment amount?
Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

— Do I receive shares into my personal brokerage account?
No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

— Can shares be transferred directly to my brokerage account?
No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

— How can I sell my shares after the IPO?
Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

— What are the risks of investing in IPOs?
IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day — and after the lock-up — can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

— Can I know in advance how much I will earn?
IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

— How can I verify that Regolith participates in IPOs?
We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.