Mike Cagney’s Figure Files For $250M SPAC
Figure, a blockchain lending startup founded by Mike Cagney of SoFi fame, is the latest company to form and launch…
Figure, a blockchain lending startup founded by Mike Cagney of SoFi fame, is the latest company to form and launch its own special-purpose acquisition company (SPAC). It’s filed with the US SEC to raise $250 million for an eponymous SPAC named Figure Acquisition Corp. I.
The SPAC formed by Figure and Mike Cagney hasn’t yet indicated any areas of industry where it’s seeking a merger target, but for a hint, being formed by a company rather than investment firms and individuals like most SPACs are formed, it’s likely that Figure’s SPAC will merge with a company with its industry, fintech and blockchain.
Figure is a digital mortgage lending platform that says it adopts blockchain technology to make the lending process easier. Founded in 2018, the company has already raised over $200 million in venture funding and was valued at $1.2 billion from its most recent fundraising round.
Before founding Figure, Mike Cagney founded the fintech giant SoFi first as a student loan lender and helped build the company up to a high level. He resigned after six years at SoFi in 2017 following controversies at the company, including allegations of sexual misconduct.
Ironically, SoFi which was Cagney’s previous company sealed a deal to go public through a SPAC merger just last month, and as it seems, Cagney doesn’t want to get left behind on the SPAC boom.
Figure Acquisition Corp. I plans to list on the New York Stock Exchange (NYSE) with the ticker symbol “FACA.U”. It plans to raise $250 million by selling 25 million share units for $10 each and will end up with $236 million of the proceeds after underwriting fees.
The investment bank Citigroup is the sole book-runner for the public offering of Figure’s SPAC.