Fri. Jun 14th, 2024
Figure Technology Solutions moves closer to becoming a publicly traded company

Figure Technology Solutions, the parent company of Figure Lending LLC, made progress this week towards becoming a public company by submitting a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering. The company submitted a Form S-1, a standard filing used by companies planning to go public to register their securities. Specific details such as the number of shares offered and price range were not disclosed.

The move towards becoming a public company was first hinted at 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. LendCo, valued between $2 billion and $3 billion, was expected to go public in the first half of 2024. HousingWire reported last week that Figure Lending LLC was operating under FTS, independently of CEO Mike Cagney’s Figure Technologies, in preparation for the public offering.

Despite setbacks such as the abandoned merger with Figure Acquisitions Corp. and regulatory delays causing the deal with Homebridge Financial Services to fall through, Figure has managed to originate over $8 billion in home equity lines of credit (HELOCs) and serve over 100,000 households nationwide as of February 2024.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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