{"id":416722,"date":"2023-11-22T13:59:08","date_gmt":"2023-11-22T18:59:08","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=416722"},"modified":"2023-11-22T14:52:27","modified_gmt":"2023-11-22T19:52:27","slug":"figure-hires-banks-for-lending-arm-ipo-bloomberg","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/","title":{"rendered":"Figure hires banks for lending arm IPO: Bloomberg"},"content":{"rendered":"\n

Mike Cagney’s financial technology firm Figure Technologies<\/strong><\/a> has taken another step to go public with its lending division, LendCo<\/strong>, hiring investment banks to coordinate the initial public offering (IPO), per a Bloomberg report. <\/p>\n\n\n\n

People familiar with the transaction told Bloomberg that Figure is working with Goldman Sachs Group Inc.<\/strong>, JP Morgan Chase & Co. <\/strong>and Jefferies Financial Group Inc<\/strong>. for the IPO. Figure and the banks declined to comment. <\/p>\n\n\n\n

The company’s lending arm, valued between $2 billion and $3 billion, is expected to go public in the first half of 2024. However, the report states there’s no final decision on the timing and valuation. Figure had a $3.2 billion valuation in a venture-backed funding round<\/a> in 2021. <\/p>\n\n\n\n

Meanwhile, Figure seeks to raise $50 million for its digital asset arm, according to Bloomberg. The division, which won’t be part of the IPO, will be led by Cagney, the former head of SoFi<\/strong>. A new CEO would be considered for LendCo. <\/p>\n\n\n\n

Figure originated $900 million in loans and generated $2.7 million in adjusted profits in the second quarter of 2023, according to Cagney’s letter to investors and partners in July. The profitable lending business has more than a 50% contribution margin, he said in a meeting. <\/p>\n\n\n\n

Founded in 2018 by Cagney, Figure tried to go public before. <\/p>\n\n\n\n

The company planned to go public via a merger with special purpose acquisition company (SPAC)\u00a0Figure Acquisition Corp.<\/strong>\u00a0in 2022. However, it was scrapped with the blank check company getting delisted from the\u00a0New York Stock Exchange<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n

Figure also announced its intention to merge with Homebridge Financial Services<\/strong> in 2022, which fell apart<\/a> due to regulatory delays. CMG <\/strong>acquired Homebridge’s<\/a> retail assets in March. <\/p>\n\n\n\n

In July, Figure laid off 20% of its staff<\/a>, about half of them engineers, in its first round of staff reductions. <\/p>\n\n\n\n

Figure uses the proprietary platform Provenance Blockchain for loan origination, equity management, private fund services, banking and payments. <\/p>\n\n\n\n

In June, it rolled out a wholesale lending platform<\/a> that gives loan originators access to the company’s home equity line of credit<\/a> offering.<\/p>\n\n\n\n

CMG Financial<\/strong>, CrossCountry Mortgage<\/strong>, Fairway Independent Mortgage<\/strong> and The Loan Store <\/strong>are Figure’s private-label partners<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mike Cagney’s financial technology firm\u00a0Figure Technologies has\u00a0hired investment banks to coordinate LendCo IPO. <\/p>\n","protected":false},"author":35414,"featured_media":340301,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1477,268237,1692],"tags":[13965,2267,14575],"coauthors":[242838],"acf":[],"yoast_head":"\nFigure hires banks for lending arm IPO: Bloomberg - HousingWire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Figure hires banks for lending arm IPO: Bloomberg - HousingWire\" \/>\n<meta property=\"og:description\" content=\"Mike Cagney's financial technology firm\u00a0Figure Technologies has\u00a0hired investment banks to coordinate LendCo IPO.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/\" \/>\n<meta property=\"og:site_name\" content=\"HousingWire\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2022\/03\/AdobeStock_299978128.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fl\u00e1via Furlan Nunes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fl\u00e1via Furlan Nunes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/\"},\"author\":{\"name\":\"Fl\u00e1via Furlan Nunes\",\"@id\":\"https:\/\/www.housingwire.com\/#\/schema\/person\/3d4839fd6811337d031c4d0119e73295\"},\"headline\":\"Figure hires banks for lending arm IPO: Bloomberg\",\"datePublished\":\"2023-11-22T18:59:08+00:00\",\"dateModified\":\"2023-11-22T19:52:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/\"},\"wordCount\":393,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.housingwire.com\/#organization\"},\"keywords\":[\"Figure Technologies\",\"IPO\",\"Mike Cagney\"],\"articleSection\":[\"IPO \/ M&A\",\"LendingLife\",\"Mortgage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.housingwire.com\/#organization\"},\"isAccessibleForFree\":\"False\",\"hasPart\":{\"@type\":\"WebPageElement\",\"isAccessibleForFree\":\"False\",\"cssSelector\":\".wp-block-housingwire-piano-member\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/\",\"url\":\"https:\/\/www.housingwire.com\/articles\/figure-hires-banks-for-lending-arm-ipo-bloomberg\/\",\"name\":\"Figure hires banks for lending arm IPO: Bloomberg - 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