Blockchain-based credit company Figure Technology Solutions Inc. filed publicly for an initial public offering, joining the rush of crypto-related firms entering the market.

The New York City-based company had net income of $29.1 million on revenue of $190.6 million for the six months ending June 30, compared with a net loss of $15.6 million on revenue of $156 million in the same period a year earlier, according to a filing Monday with the US Securities and Exchange Commission.

READ MORE: Figure confirms plans for IPO sometime in 2025

Figure announced earlier this month that it had filed confidentially for an IPO. A 2021 venture-backed funding round valued the company at $3.2 billion.

Figure was co-founded in 2018 by Mike Cagney, who was part of the team that started SoFi Techologies Inc. and stepped down as chief executive officer in 2018. The company develops blockchain technology to facilitate loans. Figure tapped Michael Tannenbaum as CEO in 2024. 

The firm started with home equity line of credit products, and additionally offers products including crypto-backed loans and a digital asset exchange, the filing shows. It has funded more than $16 billion in loans on the blockchain.

Customers for partner-branded HELOC loans originated or purchased by Figure in 2024 had a weighted average FICO score of 753, versus a score of 740 for Figure-branded loans, the filing shows.

READ MORE: Figure to recombine lending arm and marketplace into one entity

In artificial intelligence, Figure is using OpenAI Inc.’s technology to help evaluate loan applications, and a chatbot powered by Alphabet Inc.’s Google Gemini, the website shows.

Investors in the company include Apollo Global Management Inc., 10T Holdings LLC and Ribbit Capital, according to the website. After the IPO, Cagney is expected to continue to control the majority of Figure’s voting power, the filing shows.

Figure’s formal name prior to the closing of the IPO is FT Intermediate Inc., and expects to change its name to Figure Technology Solutions following the recombination.

READ MORE: Tech providers zero in on home equity lending

Goldman Sachs Group Inc., Jefferies Financial Group Inc. and Bank of America Corp. are leading the IPO. The shares are expected to trade on the Nasdaq Stock Market under the symbol FIGR.