Odaily Planet Daily News The website of the U.S. Office of the Comptroller of the Currency (OCC) shows that blockchain lending platform Figure Technologies Inc. withdrew its bank license application submitted to the regulatory agency on July 31.
Figure applied for the license in 2020. In an emailed statement, a company spokesman said the withdrawal of the banking license application was due to the company's focus on other growth areas.
Earlier news, Figure this week laid off 90 people, accounting for about 20% of its total workforce. The company is also planning an IPO for its lending unit "LendCo" next year and has already begun interviews with bankers. Figure’s lending business saw a record $900 million in transaction volume in the second quarter of this year and $83.5 million in first-half revenue, the documents show. In the second quarter, Figure generated an adjusted profit of $2.7 million. (Bloomberg)