Figure Technology Solutions $788 million IPO

Davis Polk is advising the representatives of the several underwriters in connection with the initial public offering of 31,500,000 shares of Class A common stock of Figure Technology Solutions, Inc., of which 23,506,605 shares were issued and sold by the company and 7,993,395 shares were sold by the selling stockholders. The underwriters have a 30-day option to purchase up to an additional 4,725,000 shares to cover over-allotments. The Class A common stock is listed on the Nasdaq Global Select Market under the ticker symbol “FIGR.” The offering is expected to close on September 12, 2025, subject to the satisfaction of customary closing conditions.

Figure is a blockchain-native capital marketplace that seamlessly connects origination, funding and secondary market activity. More than 160 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $16 billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure’s ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and YLDS, an SEC-registered yield-bearing stablecoin that operates as a tokenized money market fund.

The Davis Polk corporate team includes partners Byron B. Rooney and Derek Dostal and associates Michael Schuster and Adam Pukier. Partner Zachary J. Zweihorn and associates Boaz B. Goldwater and Abigail Barney are providing financial institutions advice. Special counsel Mario J. Verdolini and associate Jenna Battaglia are providing tax advice. Partner Frank Azzopardi and associate Ted (Edward) Talas are providing intellectual property advice. Counsel Marcie A. Goldstein is providing FINRA advice. All members of the Davis Polk team are based in the New York office.