The blockchain-lending startup Figure has made headlines by raising $787.5 million in its IPO, selling 31.5 million shares at $25 each. This makes it one of the largest public listings by a crypto-based company, valuing Figure at $5.29 billion at offering.
But the listing was only the beginning. On its first day of trading, Figure’s stock soared by 30% to 40%, starting at $36 and reaching as high as $44 in some trades. This surge pushed its market capitalization to $7.6 billion — a clear signal of investor appetite and market expectations for “real” crypto fintech.
Figure builds its model on Provenance Blockchain, which serves as the infrastructure for loan processing, tokenized asset management, and lending marketplaces. According to Wikipedia, the company already offers HELOCs (home equity lines of credit), refinancing, DSCR loans, and crypto-collateralized credit products.
The core marketing message of Figure is speed. Internally, the company claims it can process credit applications in just 10 days — compared to the 42-day average in traditional banking.
Early-stage investors and venture capital firms are now reaping substantial gains. For instance, DCM Ventures, which invested $10 million during Figure’s 2017 seed round, now holds shares valued in the hundreds of millions.
