Figure doubles revenue to $226m as blockchain loan marketplace hits $4.3bn

Figure Technology Solutions reported second-quarter net revenue of $226 million, up 113% year-on-year, with net income climbing 192% to $87 million and adjusted EBITDA more than doubling to $119 million. The blockchain lending firm, co-founded by former SoFi chief executive Mike Cagney and now led by CEO Michael Tannenbaum, operates a platform that uses blockchain infrastructure to originate, finance, and trade assets including home-equity loans.

The headline driver was the Consumer Loan Marketplace, where volume reached $4.3 billion for the quarter, a 132% increase from a year earlier. Figure Connect, the marketplace component that routes loans between originators and capital providers, accounted for roughly $2.8 billion of that total. The company added 102 loan-origination partners during the quarter, bringing the network to 489 across mortgage lenders, banks, and fintech firms. Tannenbaum noted that weekly loan applications crossed $1 billion in July, and the company is guiding third-quarter Consumer Loan Marketplace volume of $4.8 billion to $5.2 billion.

Beyond lending, Figure’s onchain product suite is also expanding. Circulation of YLDS, its yield-bearing stablecoin, grew to $556 million at end-June from $328 million at end-2025. Third-party borrowing through its Democratised Prime marketplace stood at approximately $170 million as of 6 August. The pending acquisition of real estate lender Kiavi, expected to close in the second half of 2026, would extend Figure’s reach into adjacent property-lending markets and add further loan volume to the platform. FIGR shares rose around 5% in premarket trading on Thursday, following a 10% gain the previous session.