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Figure Technology Solutions, a blockchain-based HELOC lender, is profitable and in no rush to go public, CEO Michael Tannenbaum tells Axios. However, it could opportunistically raise a secondary while waiting for the IPO window to open.

Why it matters: Figure is one of many late-stage fintechs ready to go public but waiting for the right moment to list.

Context: Tannenbaum was named CEO this year, succeeding founder and former chief executive Mike Cagney in April.

The company had filed a draft registration for a public listing with the SEC a month before he joined. 

It has since hired former Aven and Better exec Ronald Chillemi as chief legal officer and corporate secretary to support an eventual IPO.

(This interview has been edited for brevity.)

Q: Figure filed with the SEC for a public listing earlier this year. What's the latest on your IPO plans?

We can't comment too much. That said, I think we're waiting for the animal spirits to come out. We're not necessarily going to be leading the charge for fintech. 

There are a bunch of large fintechs slated to go public, and we're watching that carefully to see when a window might open. 

Q: While you wait for that window to open, do you see a need or an opportunity for Figure to raise more capital before going public?

Figure is profitable, which is a credit to the business model and the fact that we're adding a lot of value, so we're not looking to raise more capital. That said, one of the things you think about as a private company is your shareholder base and how [it] will behave in the public markets. 

It's important to make sure you have the right investors who have come into the stock either recently or are excited about the company's next five to ten years. So, that's something that we're thinking through.

Q: Reading between the lines, it sounds like you're open to more of a secondary offering from crossover investors to give liquidity to early investors who might not be as excited about the public markets.

There definitely could be an opportunity for something like that down the line, depending on the investor. So that's something Figure is looking into. 

Q: How do you think the incoming Trump administration will change prospects for the IPO market and the fintech ecosystem? 

I would separate fintech and the IPO market. 

For IPO, you were already seeing momentum, regardless of an administration change, with rates coming down, the economy performing well and inflation subsiding. 

From a blockchain perspective, it was well known that the Biden administration was not as pro-blockchain as either of the candidates in this election. There was a broad feeling that regardless of the outcome, it would be one that favored the crypto and blockchain environments. 

For [broader] fintech and financial services, you have new leadership in the presidency and the Senate Banking Committee because Sherrod Brown will no longer be there. 

From a regulatory perspective, you will probably see a shift that might benefit some fintechs. But at the same time, I think fintechs are being very careful to make sure we're being responsible and following all the regulations, regardless of the administration.

Q: Now that there's some clarity around the next Congress, there's been speculation that some blockchain legislation could move forward during the lame-duck session. What are you watching?

Certainly, the trading markets indicate that. 

One of the [other] things we will be watching is who is appointed to lead a lot of the agencies. Not only the SEC with crypto, but also the Department of Housing and Urban Development, because we're focused on the interaction between mortgage capital markets and blockchain. 

Q: There's been an explosion in the private credit markets, and some fear that the growth of non-bank lenders will become a bubble. What do you think?

We're a part of [that] in the sense that we are [offering] a product that used to be the provenance of banks. 

We sell those HELOCs through our marketplace, Figure Connect, which is a competitor to Fannie Mae. We offer a standardized loan-buying platform, and it's not banks that buy on the platform — it's insurance companies, private equity, credit funds, and so on. 

You could look at it in a few different ways. One is that all this risk is moving off the banking system and into private credit, which leaves depositors safer because you're not burdening FDIC insurance with these assets. 

On the other hand, there are big demographic trends that are driving this need for fixed income and this appetite for insurance companies to buy private credit.

CEO talks Figure's IPO waiting game

Figure is one of many late-stage fintechs waiting for the right moment to list.

Photo illustration of Michael Tannenbaum on a background of abstract Figure Technology Solutions logos. 

Photo illustration: Axios Visuals. Photo: Figure Technology Solutions

Fintech

Figure Technology Solutions, a blockchain-based HELOC lender, is profitable and in no rush to go public, CEO Michael Tannenbaum tells Axios. However, it could opportunistically raise a secondary while waiting for the IPO window to open.Why it matters: Figure is one of many late-stage fintechs ready to go public but waiting for the right moment to list.

CEO talks Figure's IPO waiting game

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