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Figure Technology, led by CEO Mike Cagney, Eyes U.S. IPO Amid Revenue Surge
Singapore – The fintech landscape is abuzz with news that Figure Technology, a rapidly growing digital‑banking platform founded by Mike Cagney, has filed a definitive prospectus for a U.S. initial public offering (IPO). The filing, submitted to the U.S. Securities and Exchange Commission (SEC), marks the company’s first move into the American capital markets and signals its confidence in a trajectory of accelerated growth.
A New Chapter for Figure Technology
Figure Technology, headquartered in Singapore, has carved out a niche in providing seamless, AI‑driven financial services for small and medium‑sized enterprises (SMEs) and consumer consumers across Asia. The company’s flagship platform integrates payment processing, cash‑flow analytics, credit underwriting, and automated bookkeeping into a single, cloud‑based ecosystem. According to the prospectus, Figure’s total addressable market is estimated at US$12 billion, with a projected compound annual growth rate of 22% over the next five years.
CEO Mike Cagney, a veteran in fintech who previously led the growth team at a major payment processor, announced the IPO filing at a press briefing in the city’s central business district. “Our technology has helped more than 12,000 businesses navigate the complexities of digital payments and financing,” Cagney said. “Going public in the U.S. will give us the scale and credibility to double‑digitally expand our product suite, tap into new markets, and deliver even greater value to our users.”
Record‑Breaking Revenue Growth
Figure’s financial highlights are the main driver behind the decision to go public. The company reported a 78% year‑over‑year increase in revenue, from SGD 12.3 million in 2023 to SGD 22.4 million in 2024. The surge is attributed to a sharp uptick in customer acquisition—particularly in the Southeast Asian region—combined with the launch of the company’s “CreditSmart” suite, an AI‑based risk‑assessment engine that has boosted loan disbursement volumes by 65%.
In addition to revenue growth, Figure’s operating margin improved to 9% from 3% the previous year, thanks to a lean cost structure and strategic automation of core processes. “We’re now operating at a scale where incremental revenue is almost margin‑free,” Cagney explained. “The next phase will involve using the capital raised to fund strategic acquisitions and product innovation.”
Strategic Partnerships and Market Positioning
The article also highlighted several high‑profile partnerships that have propelled Figure’s adoption curve. Most notably, the company signed an exclusive distribution agreement with a leading regional bank, which will channel the bank’s 350,000 SME clients onto Figure’s platform. Another partnership with a telecom giant in Thailand offers bundled payment and credit services to the telecom’s millions of subscribers, giving Figure a foothold in one of the fastest‑growing digital‑payment markets.
Figure’s ecosystem is further strengthened by its integration with popular accounting software such as Xero and QuickBooks, a move that has made the platform a one‑stop shop for SMEs. The company’s user base now includes more than 200,000 active merchants, with a monthly transaction volume of SGD 150 million.
Industry analysts have compared Figure to the likes of Stripe and Klarna, noting that its localized focus on Asia gives it a competitive edge in a market that is still underserved by Western fintech giants. “Figure’s data‑centric approach to credit and its seamless onboarding process make it an attractive partner for banks looking to digitize their SME loan pipelines,” said Rajesh Patel, a senior analyst at Asia-Pacific Venture Capital Forum.
IPO Details and Expected Impact
Under the terms of the prospectus, Figure will offer 10 million shares at an initial price range of US$15 to US$18 per share. The company estimates that the IPO could raise between US$150 million and US$180 million, depending on the final offering price. Proceeds are earmarked for product development, expanding the engineering team, and further international expansion, especially into India and Indonesia.
The filing also indicates that Figure intends to list on the Nasdaq First North Growth Market, aligning it with other tech‑focused growth companies. The company’s board has expressed confidence that U.S. investors will appreciate the scalability of Figure’s platform and its proven ability to generate high‑margin growth in a rapidly evolving fintech space.
Looking Ahead
Figure’s journey began in 2017, when founder Mike Cagney identified a gap in the market for a comprehensive, technology‑driven financial service platform for SMEs. Since then, the company has secured multiple rounds of funding, including a recent Series C that raised SGD 30 million from a consortium of venture funds. The new IPO marks a significant milestone in Figure’s expansion strategy and provides a platform for broader investor participation.
While the U.S. market presents new challenges—regulatory compliance, increased competition, and the need to build brand recognition—the company’s strong track record and strategic partnerships position it well to navigate these hurdles. As Cagney notes, “Our success in Asia has proven the viability of our business model. The U.S. market will allow us to accelerate our global vision, innovate faster, and ultimately serve more customers worldwide.”
In a world where digital financial services are becoming the backbone of economic growth, Figure Technology’s decision to go public could set a precedent for other region‑focused fintech startups seeking to tap into the capital and expertise of the U.S. market. Investors and industry watchers will be watching closely as the company’s IPO progresses and as Figure continues to push the boundaries of fintech innovation.
Read the Full Channel NewsAsia Singapore Article at:
[ https://www.channelnewsasia.com/business/mike-cagneys-figure-technology-reveals-revenue-surge-us-ipo-filing-5301211 ]