Onchain lender Figure nearly triples quarterly profits as loan marketplace volume surges to $4.3 billion
The company said its net income increased 192% to $87 million from $30 million during the same period a year ago.
Figure Technology Solutions reported a significant increase in consumer loan marketplace volume to $4.3 billion for the second quarter, marking a 132% rise compared to the previous year. The company's net income nearly tripled, reaching $87 million, up 192% year-on-year, while net revenue more than doubled to $226 million. Net income margin expanded by 10.5 percentage points to 38.8%.
The marketplace volume encompasses home equity lines of credit, debt-service coverage ratio loans, personal loans, and third-party loans traded on Figure Connect, with the latter accounting for 65% of the total. Volume on the marketplace surged 262% from the same period last year. Figure added 102 loan-origination partners during the quarter, bringing its total to 489.
CEO Michael Tannenbaum highlighted that weekly loan applications surpassed $1 billion in July. Looking ahead, Figure anticipates consumer loan marketplace volume between $4.8 billion and $5.2 billion in the third quarter. Analysts from Bernstein predicted a record second-quarter volume in May, citing live blockchain data that could enable real-time tracking of the company's lending activity for investors.
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