Blockchain Lender Figure Hits Nasdaq at $5.3 Billion Valuation

Company Overview - Figure Technologies is a blockchain lender that has begun trading on Nasdaq under the ticker symbol "FIGR" after raising $787.5 million through an initial public offering (IPO) [1] - The company sold 31.5 million shares at $25 each, valuing Figure at $5.29 billion with 211 million shares outstanding [2][3] - Figure claims to be the largest non-bank provider of home equity financing, having originated $16 billion in home loans since its inception in 2018 [4] IPO Details - The IPO was upsized from an initial target range of $20 to $22 per share for 26 million shares, indicating strong demand [2][3] - Figure itself raised $587 million from the IPO, as it is not receiving proceeds from shares sold by existing investors [3] - The lead underwriters for the IPO included Goldman Sachs and BofA Securities [3] Market Position and Technology - Figure utilizes a blockchain-based platform to facilitate lending, allowing for quicker approval and funding for home equity lines of credit (HELOC) [5] - The company has $11.7 billion in outstanding loans represented on-chain, significantly higher than its competitors, Tradable and Maple Finance, which have $2.1 billion and $1.2 billion in loans, respectively [5] - Figure's HELOC loans are represented by tokens that rank among the largest cryptocurrencies by market capitalization, currently valued at $12.5 billion [6]