Figure revenue doubles as blockchain loan marketplace volumes surge
The tokenization-focused lender posted $226 million in quarterly revenue as blockchain loan marketplace volume jumped to $4.3 billion.
Figure Technology Solutions (FIGR), a blockchain lending firm co-founded by former SoFi CEO Mike Cagney, reported a more than doubling of its revenue in the second quarter, driven by a surge in lending activity across its marketplace. The company's net revenue reached $226 million for the quarter ended June 30, up 113% from a year earlier, with net income climbing 192% to $87 million.
Growth was particularly notable in Figure's Consumer Loan Marketplace, where volume surged to $4.3 billion, up 132% from the previous year. CEO Michael Tannenbaum reported that weekly loan applications surpassed $1 billion in July, and the company added 102 loan-origination partners during the quarter, bringing the total to 489.
FIGR shares rose roughly 5% in premarket trading on Thursday, extending a 10% gain from the previous day.
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