Figure revenue doubles as blockchain loan marketplace volumes surge

Figure Technology Solutions, a blockchain lending company co-founded by former SoFi CEO Mike Cagney, reported a significant doubling of its revenue in the second quarter. The company's net revenue reached $226 million, marking a 113% increase from the previous year. Net income also saw a substantial 192% rise, reaching $87 million, or 35 cents per diluted share. Adjusted EBITDA more than doubled to $119 million.

This growth was primarily fueled by the Company's Consumer Loan Marketplace, where trading volume surged to $4.3 billion, a 132% increase compared to the same period last year. Within this marketplace, Figure Connect, which connects loan originators with capital providers, contributed $2.8 billion, or approximately 65% of the total volume.

The company's shares experienced a 5% increase in premarket trading on Thursday, following a 10% gain the previous day. Figure is among the more established publicly-traded firms attempting to integrate lending and capital-market activities onto blockchain platforms. Their system facilitates the origination, financing, and trading of assets like home-equity loans by connecting loan originators with investors through blockchain infrastructure.

During the quarter, Figure added 102 new loan-origination partners, bringing the total to 489, which includes mortgage lenders, banks, and fintech firms. CEO Michael Tannenbaum reported that weekly loan applications exceeded $1 billion in July. Additionally, Figure's onchain products expanded, with the circulation of its yield-bearing stablecoin, YLDS, reaching $556 million by the end of June, up from $328 million at the end of 2025.

Third-party borrowing through its Democratized Prime marketplace also reached around $170 million as of August 6.

Looking ahead, Figure anticipates Consumer Loan Marketplace volume to range between $4.8 billion and $5.2 billion for the third quarter. The company's pending acquisition of real estate lender Kiavi is expected to close in the second half of 2026, further expanding its presence in the real estate lending market and increasing the volume of loans on its platform.