Figure Technology Solutions

Figure Technology Solutions, Inc. is a Reno, Nevada-based financial-technology company founded in 2018 by Mike Cagney and June Ou. The company was established to modernize financial services through blockchain infrastructure, smart contracts, and tokenized assets. Its technology is designed to standardize and automate parts of the financial-services lifecycle, including loan origination, servicing, settlement, securitization, and secondary-market trading. Figure initially concentrated on consumer lending, particularly home-equity products. It developed a blockchain-based Home Equity Line of Credit (HELOC) and became associated with the use of blockchain to record and manage consumer loans. The company’s technology foundation is Provenance Blockchain, a public blockchain protocol developed for financial applications. Provenance is intended to allow financial assets and transactions to be represented digitally while coordinating data, contractual rights, and settlement through programmable systems. The company subsequently broadened its lending capabilities. Its offerings have included HELOCs, cash-out refinance loans, debt-consolidation tools, Debt Service Coverage Ratio loans, second mortgages, loans for senior homeowners, and crypto-backed loans secured by digital assets such as Bitcoin and Ethereum. Figure has also supplied infrastructure to banks, credit unions, mortgage brokers, and other financial institutions through private-label and embedded arrangements. In these relationships, a customer may apply through a partner while Figure supplies some or all of the underlying technology, processing, or servicing capabilities. Figure’s institutional and marketplace activities expanded during the 2020s. Figure Connect was developed as a marketplace for originating and trading tokenized home-equity, mortgage, and other consumer-credit assets. Figure Markets brought together traditional financial products, cryptocurrency services, decentralized-finance functionality, and yield-related products. In 2025, the former Figure Markets subsidiary was merged into Figure Technology Solutions, consolidating lending, trading, and yield-generation functions around Provenance Blockchain. The company has also pursued products aimed at institutional and retail participation in tokenized credit markets. Democratized Prime was presented as a platform through which institutional users and individual investors could lend and borrow against tokenized collateral. Figure-related operations also introduced a yield-bearing stablecoin known as $YLDS after receiving regulatory approval described in the company’s reference materials. These activities reflect Figure’s broader strategy of connecting conventional lending and capital markets with blockchain-based settlement and digital-asset infrastructure. Figure raised venture funding through several rounds between 2018 and 2021, including a reported $200 million Series D round in 2021. In 2025, Sixth Street committed $200 million of equity to a joint venture associated with Figure Connect, with the stated purpose of providing liquidity for private-credit assets such as HELOCs. The company also applied for an initial public offering and, according to the supplied reference material, began trading on Nasdaq under the ticker FIGR in September 2025. By 2025, Figure reported facilitating more than $17 billion in home-equity lending in the United States and working with a network of financial partners. Its business therefore spans direct and embedded lending, financial-infrastructure software, tokenized-asset marketplaces, digital-asset lending, and capital-markets services. The company’s positioning is that of a financial-technology platform seeking to reduce manual processes, transaction friction, and dependence on fragmented legacy systems through blockchain-based financial infrastructure.

Figure Technology Solutions was established in 2018 by Mike Cagney and June Ou as a financial-technology company focused on applying blockchain technology to lending and other financial-services processes. Its founding proposition was that loan origination, servicing, securitization, and settlement could be made more standardized and efficient through digital records, smart contracts, and automated workflows. The company’s early work centered on home-equity lending. Figure introduced a blockchain-based HELOC and developed Provenance Blockchain as an infrastructure layer for financial applications. The company became associated with placing consumer loans on blockchain infrastructure and using tokenization to represent financial interests digitally. Rather than treating blockchain solely as a cryptocurrency system, Figure positioned Provenance as a specialized environment for regulated financial assets and transactions. During the period from 2021 through 2022, Figure’s lending technology was incorporated into the platforms of financial institutions, including banks, credit unions, and mortgage brokers. These private-label arrangements allowed partner organizations to offer lending products while relying on Figure’s technology and operational infrastructure. Customers could therefore encounter Figure-powered services without applying directly to the Figure brand. Figure expanded its product range during the 2020s. In addition to HELOCs, it developed cash-out refinance loans and later added debt-consolidation tools, DSCR loans, second mortgages, senior-homeowner products, and crypto-backed loans. The crypto-backed offering allowed eligible borrowers to use digital assets such as Bitcoin and Ethereum as collateral. Intellidebt was introduced as a debt-consolidation tool embedded in the loan-application process. The company also moved into marketplaces and institutional finance. Figure Connect was created to support the origination and trading of tokenized home-equity, mortgage, and other consumer-credit assets. Figure Markets combined conventional financial services with cryptocurrency and decentralized-finance features. These initiatives extended Figure’s role from loan technology provider toward a broader platform for creating, funding, trading, and managing digital representations of financial assets. In 2024, Figure appointed Michael Tannenbaum as chief executive officer, Macrina Kgil as chief financial officer, and Ron Chillemi as chief legal officer. The company’s recognition during this period included appearances on Fast Company’s World’s Most Innovative Companies list in 2024 and 2025, as well as inclusion in the 2025 Forbes Fintech 50 according to the supplied reference material. In February 2025, Figure and Sixth Street formed a joint venture involving a $200 million equity commitment to Figure Connect. The stated purpose was to provide continuing liquidity for private-credit assets, particularly HELOCs, and to support the growth and recycling of assets within a private-credit marketplace. In August 2025, Figure merged with its former subsidiary Figure Markets. The transaction brought lending, trading, and yield-generation activities together on Provenance Blockchain. Around the same period, the company promoted Democratized Prime, a platform intended to allow institutional and individual participants to lend and borrow using tokenized collateral. Figure-related operations also introduced the $YLDS yield-bearing stablecoin, which the supplied reference material describes as having received approval from the United States Securities and Exchange Commission. The supplied reference material further states that Figure applied for an initial public offering in 2025 and began trading on Nasdaq under FIGR in September of that year. By 2025, Figure reported facilitating more than $17 billion in home-equity lending in the United States. Its infrastructure was described as serving a network of financial partners and supporting lending, tokenized real-world assets, digital-asset products, and capital-markets activity. Figure’s development reflects the broader institutionalization of blockchain technology in financial services, with the company emphasizing asset tokenization and workflow automation rather than cryptocurrency trading alone.

• 2025

  Sixth Street joint venture

  [1]Figure Technology Solutionsen.wikipedia.org

  Sixth Street commits $200 million of equity to a Figure Connect joint venture supporting liquidity for private-credit assets.

• 2025

  Figure Markets merger

  [1]Figure Technology Solutionsen.wikipedia.org

  Figure merges with its former Figure Markets subsidiary, combining lending, trading, and yield-generation activities.

• 2025

  Nasdaq listing

  [1]Figure Technology Solutionsen.wikipedia.org

  The supplied reference material states that Figure began trading on Nasdaq under the ticker FIGR in September 2025.

• 2024

  Expansion into marketplaces and digital-asset lending

  [1]Figure Technology Solutionsen.wikipedia.org

  Figure launches or expands Figure Markets, Figure Connect, Intellidebt, and crypto-backed lending products.

• 2021

  Series D financing

  [1]Figure Technology Solutionsen.wikipedia.org

  Figure completes a reported $200 million Series D financing round, with participation from institutional and technology-focused investors.

• 2021

  Expansion through financial-institution partnerships

  [1]Figure Technology Solutionsen.wikipedia.org

  Figure’s lending technology is integrated into platforms operated by banks, credit unions, mortgage brokers, and other partners.

• 2018

  Figure Technology Solutions is founded

  [1]Figure Technology Solutionsen.wikipedia.org

  Mike Cagney and June Ou establish Figure to apply blockchain technology to lending and financial-services infrastructure.

• 2018

  Early blockchain lending development

  [1]Figure Technology Solutionsen.wikipedia.org

  Figure develops an early blockchain-based HELOC and begins building Provenance Blockchain for financial applications.

A blockchain-native financial-technology platform focused on lending, tokenized credit, digital assets, and automated capital-markets infrastructure.

• Financial blockchain infrastructure

  Provenance Blockchain

  A public blockchain protocol developed for financial-services use cases. Figure uses Provenance to support tokenization, smart-contract execution, transaction records, and automated workflows across lending and capital-markets activities.

• Consumer-credit marketplace · 2024

  Figure Connect

  A marketplace designed to support the origination and trading of tokenized home-equity, mortgage, and other consumer-credit assets. It connects credit originators and buyers and is also associated with Figure’s private-credit liquidity strategy.

• Digital-asset and capital-markets platform · 2024

  Figure Markets

  A platform combining conventional financial products, cryptocurrency services, decentralized-finance functionality, and yield-related offerings. Figure Markets was merged into Figure Technology Solutions in 2025.

• Consumer lending

  Home Equity Line of Credit

  Figure’s core home-equity lending product, delivered through direct and partner channels. The company developed a blockchain-based approach intended to automate portions of origination, processing, and asset management.

• Digital-asset lending · 2024

  Crypto-backed loans

  Loans secured by eligible digital assets, including Bitcoin and Ethereum. The product extends Figure’s lending model into collateralized digital-asset finance.

• Tokenized-collateral lending · 2025

  Democratized Prime

  A platform intended to enable institutional users and individual investors to lend and borrow against tokenized collateral, bringing certain prime-brokerage-style functions to a broader participant base.

• Yield-bearing stablecoin · 2025

  $YLDS

  A yield-bearing stablecoin associated with Figure Markets and described in the supplied reference material as receiving United States Securities and Exchange Commission approval.

• 2025

  Merge Figure Markets into Figure Technology SolutionsM&A

  Background

  Figure’s lending, trading, and yield-generation capabilities had developed across related corporate structures.

  Action taken

  In August 2025, Figure merged with its former subsidiary Figure Markets.

  Aftermath

  The merger consolidated the businesses around Provenance Blockchain and created a more unified operating platform.

  Source

• 2025

  Create additional liquidity for tokenized private creditStrategy

  Background

  Figure Connect required continuing funding and liquidity to support the origination, holding, and recycling of private-credit assets such as HELOCs.

  Action taken

  Figure and Sixth Street formed a joint venture involving a reported $200 million equity commitment.

  Aftermath

  The arrangement was intended to support the scale of Figure Connect and provide liquidity for private-credit assets.

  Equity commitment. $200 million (2025)

  Source

• 2025

  Pursue a public listingOther

  Background

  Figure expanded its lending and tokenized-asset businesses and sought access to public-market capital.

  Action taken

  The company applied for an initial public offering and, according to the supplied reference material, began trading on Nasdaq under FIGR in September 2025.

  Aftermath

  Figure became a publicly traded company according to the supplied reference material.

  Source

• 2024

  Broaden the business beyond home-equity lendingStrategy

  Background

  Figure had established its identity around blockchain-enabled HELOCs and related lending infrastructure but sought additional growth in consumer credit, institutional finance, and digital assets.

  Action taken

  The company added debt-consolidation tools, crypto-backed loans, Figure Markets, and Figure Connect.

  Aftermath

  Figure’s activities expanded from loan origination technology into tokenized-credit marketplaces, digital-asset lending, and broader capital-markets services.

  Source

1. 1Figure Technology Solutionsen.wikipedia.org