People familiar with the matter: Figure’s digital asset unit is seeking to raise $50 million

21/11/2023 18:38

Financial technology company Figure Technologies Inc. is working with banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Financial Group Inc. on an IPO for its lending arm, according to people familiar with the matter. Figure Technologies Inc. is a company co-founded by Mike Cagney, former head of SoFi Technologies Inc. The above-mentioned people familiar with the matter said that Figure is considering listing its LendCo in the first half of 2024, with a valuation of US$2 billion to US$3 billion. It added that Figure may file for an immediate IPO for LendCo, which is also a private capital markets business. No final decision has been made on the matter, and the timing and valuation of the IPO are subject to change. In addition, people familiar with the matter also said that Figure’s digital asset unit (which will not participate in the IPO) is seeking to raise $50 million. Cagney will continue to serve as CEO of the division, while Figure is also considering finding another CEO for LendCo. Cagney founded Figure in 2018 with the goal of building financial products using blockchain technology. Representatives for Figure, Goldman Sachs, JPMorgan and Jefferies declined to comment. (Bloomberg)

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People familiar with the matter: Figure’s digital asset unit is seeking to raise $50 million

More news about filing figure ceo cagney us

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