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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;applied&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;withdrew&nbsp;its <a rel="noopener noreferrer nofollow" title="application" href="https://thebittimes.com/tag/application.html">application</a> on July 31.</p> 
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    <p lang="en" dir="ltr">Big news in the #blockchain world! Figure Technologies, led by ex-SoFi CEO Mike Cagney, has <a rel="noopener noreferrer nofollow" title="withdraw" href="https://thebittimes.com/tag/withdraw.html">withdraw</a>n its <a rel="noopener noreferrer nofollow" title="application" href="https://thebittimes.com/tag/application.html">application</a> for a <a rel="noopener noreferrer nofollow" title="national" href="https://thebittimes.com/tag/national.html">national</a> bank <a rel="noopener noreferrer nofollow" title="charter" href="https://thebittimes.com/tag/charter.html">charter</a>. A bold move, signaling a possible shift in their strategic direction. Stay tuned for more updates! #fintech #cryptocurrency pic.twitter.com/sgaVYXnERW</p>— Blockchains Now (@BlockchainsNow) August 1, 2023 
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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;said&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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  <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Figure: Bank Charter Will Boost Financial Inclusion" width="1020" height="574" src="https://www.youtube.com/embed/KNt_PuBUNNM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 <p>Founded by Cagney in 2018,&nbsp;Figure&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> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Hamilton Lane partners with Figure Technologies to Launch tokenized Private Markets-Focused Funds 
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Figure withdraws national bank charter application

TheBitTimes

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