TechFlow reported, according to Bloomberg, that blockchain lending company Figure Technologies Inc. laid off 90 employees this week—about 20% of its workforce—with roughly half of those dismissed being engineers. The company also plans to launch an initial public offering (IPO) next year for its lending division, "LendCo," and has already begun meeting with investment bankers. Figure founder Mike Cagney expects LendCo’s public market valuation to reach $2.5 billion post-IPO. Additionally, according to a letter Cagney sent to Figure investors and partners in July, the company’s lending business achieved a record transaction volume of $900 million in the second quarter and generated $83.5 million in revenue during the first half of the year. Previously, Figure Technologies raised $200 million in a Series D funding round in 2021, achieving a valuation of $3.2 billion.
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