Figure Technologies,founded by ex-SoFi CEO Mike Cagney, has just announced that it has laid off 20% of its staff in order to optimize operations. The announcement regards a planned public offering in 2024.

Figure Technologies was co-founded by Cagney and Marilyn Cagney in 2018 and originally focused on refinances and home equity loans. The idea was to develop and launch a a blockchain-based finance platform which could accommodate home mortgages and consumer lending. Since its launch, the organization has managed to bring in $225 million in funding and grow to include a research and development arm.

In order to prepare for its planned public offering, Figure Technologies will be restructuring its staff by replacing a portion of its personnel with external employees while downsize other areas. As a result of the cost-cutting measures, 20% of the staff will be laid off. The company plans to reinstate those employees with equity shares once the public offering is carried out in 2024.

• Mike Cagney brings Figure Technologies to life in 2018
• Focus on refinancing and home equity loans
• Raised $225 million in funding
• Developing and launching blockchain-based finance platform for mortgages and consumer lending
• Restructuring personnel and reducing staff by 20% through layoffs
• Equivalently offering equity shares in 2024 upon public offering

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