(Incorporated in Nevada)

Mike Cagney, the co-founder of SoFi, is the co-founder and CEO of Figure Markets. He co-founded Figure with his wife, June Ou. Figure is a blockchain-based FinTech company focused on consumer credit, including home equity loans and debt consolidation. Figure recently issued an SEC-approved YLDS stablecoin.

Here’s an excerpt from “A Letter from Our Founder” in the prospectus:

“In early 2018, I co-founded Figure, along with my wife, June Ou, and a handful of other like-minded individuals. Our goal for Figure was simple: change capital markets with blockchain. To do that, we needed to bring a real, measurable use case to market.

“2018 was the year of the Initial Coin Offering (ICO), and crypto companies were tapping what seemed like an endless supply of capital selling tokens. We went a different route. We felt that you could originate, aggregate and securitize loans on blockchain and save upwards of 85 bps of transaction costs. We made this pitch to the banks, and they universally said, “This is great! We love it! We’d like to be the 10th bank to do this…” It was clear this wasn’t an ‘if you build it, they will come’ situation – if we just built it, no one was going to show up.

“Having just done a market leading lender at SoFi, we weren’t necessarily excited to create another lender but realized we had to show the market it would work better on blockchain. In 2018, we became one of the first entities to originate consumer loans on blockchain. Figure started as a direct-to-consumer originator, similar to any other fintech albeit on blockchain. We chose home equity line of credit (HELOC) as our initial product, as we felt no one was originating it efficiently (greenfield) and we didn’t want to fight it out with the big personal lenders or mortgage originators while we convinced the buy and sell side to adopt this novel technology.

“We quickly expanded our model to B2B2C – where we now have over 168 third parties using our technology to originate loans on-chain – including half of the top 20 retail mortgage shops. More recently, we’ve opened up blockchain-native capital markets for those originators, where by using our technology they can sell (and soon finance) assets bilaterally to the blockchain capital markets with no intermediation from Figure.”

Note: Net income and revenue figures are for the 12 months that ended June 30, 2025.

(Note: Figure Technology Solutions priced its IPO at $25.00 – $3.00 above the top of its recently increased price range – and sold 31.5 million shares – the number of shares in the prospectus – to raise $787.5 million on Wednesday night, Sept. 10, 2025. Background: Figure Technology Solutions increased its IPO’s size early Tuesday, Sept. 9, 2025, by adding stock – now 31.5 million shares – up from 26.3 million shares previously – and increasing the price range – to $20.00 to $22.00 – up from $18.00 to $20.00 initially – to raise $661.5 million, if priced at the $21.00 mid-point of its new range.

(Background: Figure Technology Solutions disclosed its IPO’s terms on Sept. 2, 2025, in an S-1/A filing: 26.32 million shares at a price range of $18.00 to $20.00 to raise $500.0 million, if priced at the $19.00 mid-point of its range. Of the 26.32 million shares in the IPO, the company is offering about 21.46 million shares and the selling shareholders are offering about 4.85 million shares. Background: Figure Technology Solutions (also known as FT Intermediate) filed is S-1 on Aug. 18, 2025, for its IPO, without disclosing the terms. Estimated initial proceeds are $100 million. Some Wall Street pros, however, have pegged Figure Technology Solutions’ IPO as a deal that could raise up to about $400 million.)