Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Latest Fintech IPOs Figure Debut and Lendbuzz Filing
Financing | Sep 12, 2025
Image: Freepik
Blockchain Lending and AI Auto Finance Move Into Public Markets
More Fintech IPO activity is back on the radar as the market window reopens after a quiet stretch. NCFA has already highlighted IPO ambitions from companies like Circle, eToro, Klarna, and Gemini in our post on 10 Fintech and Crypto IPOs 2025 Boom or Bubble. This week offers two new developments as Figure (FIGR) completed its Nasdaq debut yesterday, and Lendbuzz (LBZZ) files for IPO for artificial intelligence in finance.
Figure Technology Solutions IPO
On September 11, Figure Technology Solutions IPO raised US$787.5 million by selling 31.5 million shares at US$25 each. The stock opened at US$44 and closed at US$31.11, a 24% gain over the offering price.
Pricing came in above the increased range of US$20–22 with strong investor demand. FIGR is currently trading at US$7.34B
Founded in 2018, Figure built its model on the Provenance blockchain to originate and manage loans. It started with home equity lines of credit (HELOCs) and has expanded into personal loans, student refinancing, and digital asset markets. Their ambition is to transform how financial products are issued and traded by using blockchain settlement infrastructure.
See: Revolut Pushes into Commercial Real Estate Lending
For investors, the Figure debut shows that blockchain-enabled lending platforms can attract significant public market support. The strong first day debut performance, pricing above the raised range, and a revenue model that combines lending with fee-based infrastructure indicates that markets are open and positive on scalaling blockchain finance.
Comparable Canadian firms might include Ledn, Nesto, Mogo, Pine or Perch. Global peers include SoFi, UpStart, or Rocket Mortgage.
Lendbuzz Files for IPO for AI Auto Finance
On September 12, Lendbuzz filed for a US IPO with a filing that showed 38% revenue growth to US$172.9 million in the first half of 2025 compared with US$125.4 million the year before. Net income rose to US$11.1 million from US$5.6 million, showing a fintech with scale and profitability. Comparable Canadian players include Canada Drives or Clutch.
The company has originated more than US$4B in loans and is backed by Goldman Sachs and MUFG. It has strengthened its funding base through securitizations, including a US$266M transaction in July 2025 and more than US$2.1B of completed asset-backed transactions to date.
See: CSA Expands LIFE Exemption to Boost Public Capital Raising
Lendbuzz's filing scope shows how artificial intelligence can unlock new credit markets. By underwriting auto loans for borrowers with little or no credit history, the company is targeting underserved but financially active consumers. It will be interesting to track how its AI models manage risk as loan volumes grow over time.
Outlook
These IPOs show how blockchain lending and AI powered finance niches like auto are moving into public markets with credible scale. Canadian fintechs need to keep in mind that global markets are rewarding fintechs that address inefficiencies in credit and capital markets, useful benchmarks for innovators preparing for their own future public listings.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create aa vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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