Figure Technologies (FIGR) Leverages Blockchain Infrastructure for Accelerated Growth

Figure Technologies (FIGR) reported strong second quarter 2026 results on August 13, highlighting the acceleration of its growth story. Consumer loan marketplace volume surged 132% year-over-year to $4.3 billion, surpassing expectations. Revenue and profitability followed suit, with adjusted net revenue increasing 95% to $218 million and adjusted EBITDA rising 126% to $119 million.

Net income jumped to $87 million, up from $30 million the previous year. The company's capital-light marketplace, Figure Connect, saw a significant increase in volume, accounting for 65% of total marketplace volume, up from 42% a year ago. The company expects this share to rise to 70% in the medium term. Figure Connect's growth has been driven by a rise in average FICO scores and a decrease in combined loan-to-value ratios, indicating improved borrower quality.

The company's spread on HELOC securitizations has also tightened, and its buyer base for these deals has grown to over 100 unique investors. Despite these positive indicators, the net take rate, or the cut Figure earns on marketplace volume, fell to 3.6%, the low end of its guided range. This decline is partly due to Figure Connect carrying the lowest take rate and large partners opting out of Figure's branded channel.

Rising interest rates and a higher volume of first lien loans, which carry lower take rates, contributed to this trend. However, the company's pending acquisition of Kiavi, a residential transition loan lender, is expected to significantly boost volume and EBITDA, with a payback period under four years. While not every metric improved, the overall growth story remains robust, with volume, partner growth, and margin expansion all moving in the same direction.

The pending Kiavi deal provides Figure with a new market to apply its marketplace model, but the company must address the declining take rate and ensure a clean Kiavi acquisition to maintain investor confidence.