Figure Technologies was founded in 2018 by Alana Ackerson, Cynthia Chen, June Ou, Michael Cagney, and Sara Priola. In 2021, co-founder and CEO Cagney (co-founder/former CEO of SoFi) and a group of other Figure employees started Figure Acquisition Corporation, a publicly traded SPAC that seeks to develop a portfolio of financial service and fintech companies. While Figure Acquisitions is a separate entity from Figure Technologies, the two companies are closely affiliated. These comments should not be interpreted to mean that Figure Technologies is formally pursuing or foregoing an IPO.
Figure is the developer of a web-based platform that manages digital assets and can be used for completing financial and investment transactions. The company uses blockchain technology to optimize traditional financial services. In 2021, Figure Technologies acquired HomeBridge Financial Services, a non-bank loan company. Figure has raised over $1.6 billion in Venture Capital funding, most recently in a 2021 round that brought in $200 million from investors such as Ulu Ventures, Sun Hung Kai & Co, RPM Ventures, and Morgan Creek Digital. The company was last valued at $3.2 billion.