Wall Street Divided on Figure’s Blockchain Fintech Prospects Post-IPO

Figure Technologies Inc. (FIGR) faces divergent analyst sentiment as it seeks to expand its blockchain-based lending platform beyond home equity lines. KBW initiated coverage with an 'outperform' rating and $48.50 target, highlighting Figure's 73% dominance in tokenized private credit markets. Bernstein was more bullish with a $54 target, comparing Figure's lending innovation to stablecoins' impact on payments.

The fintech firm, founded by ex-SoFi CEO Mike Cagney, has gained 12% since its September IPO. Its vertically integrated platform tokenizes HELOCs and connects borrowers with investors through proprietary origination, distribution, and digital asset marketplace infrastructure.

Analysts see untapped potential in Figure's tech stack for tokenizing first-lien mortgages, personal loans, and third-party assets through products like Figure Exchange. The company currently controls 39% of all tokenized real-world assets according to KBW estimates.