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<p class="is-style-lead">Figure Technologies Inc., a blockchain-oriented startup established by ex-SoFi Technologies Inc. CEO Mike Cagney, has retracted its application for a nationwide bank charter to concentrate on diversified growth opportunities with existing banking partners.</p> 
<p>Figure&nbsp;<a href="https://www.figure.com/newsroom/figure-applies-for-national-bank-charter-from-the-occ/" target="_blank" rel="noopener noreferrer nofollow">applied</a>&nbsp;with the Office of the Comptroller of the Currency in 2020 aiming to simplify operations and expand its service scope across the country.&nbsp;</p> 
<p>However, the fintech firm&nbsp;<a href="https://apps.occ.gov/CAAS_CATS/CAAS_Details.aspx?FilingTypeID=2&amp;FilingID=317593&amp;FilingSubtypeID=1101" target="_blank" rel="noopener noreferrer nofollow">withdrew</a>&nbsp;its application on July 31.</p> 
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   <p lang="en" dir="ltr">Big news in the <a href="https://twitter.com/hashtag/blockchain?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#blockchain</a> world! Figure Technologies, led by ex-SoFi CEO Mike Cagney, has withdrawn its application for a national bank charter. A bold move, signaling a possible shift in their strategic direction. Stay tuned for more updates! 💥✨ <a href="https://twitter.com/hashtag/fintech?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#fintech</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#cryptocurrency</a> <a href="https://t.co/sgaVYXnERW" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/sgaVYXnERW</a></p>— Blockchains Now (@BlockchainsNow) <a href="https://twitter.com/BlockchainsNow/status/1686502841425305601?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 1, 2023</a> 
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<p>The fintech firm, embedded in the blockchain and cryptocurrency industry, has faced significant obstacles amidst a sector-wide slump.&nbsp;</p> 
<p>Fundraising and talent retention challenges have been palpable, leading to a workforce reduction of around 20%. This translates to 90 laid-off employees as Figure tries to stay afloat.</p> 
<p>Figure is taking steps toward an initial public offering (IPO) in 2024. It has commenced interviewing bankers to facilitate this move, mainly focusing on its lending business.</p> 
<p>A representative&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-08-01/figure-cagney-s-blockchain-firm-pulls-bank-charter-application" target="_blank" rel="noopener noreferrer nofollow">said</a>&nbsp;they had “decided to withdraw our banking charter application as they focus the organization on other areas of growth with a broad set of established bank partners.” This approach would enable Figure to navigate the economic downturn and continue its work in blockchain and finance.</p> 
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<p>Founded by Cagney in 2018,&nbsp;<a href="https://www.figure.com/" target="_blank" rel="noopener noreferrer nofollow">Figure</a>&nbsp;leverages blockchain technology to develop various financial products, with loan origination being a key offering. Amid headwinds, the tech firm maintains a working relationship with Apollo Global Management Inc., signaling its continued pursuit of partnerships.</p> 
<p> Read more: <a href="https://crypto.news/hamilton-lane-partners-with-figure-technologies-to-launch-tokenized-private-markets-focused-funds/" rel="noopener noreferrer nofollow"> Hamilton Lane partners with Figure Technologies to Launch tokenized Private Markets-Focused Funds </a> </p>

Figure withdraws national bank charter application

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