Figure revenue doubles as blockchain loan marketplace volumes surge

Figure Technology Solutions (FIGR), the blockchain lending firm co-founded by former SoFi CEO Mike Cagney, more than doubled its revenue in the second quarter as lending activity surged across its marketplace

The company reported $226 million in net revenue for the quarter ended June 30, up 113% from a year earlier. Net income climbed 192% to $87 million, or 35 cents per diluted share, while adjusted EBITDA more than doubled to $119 million.

Growth was driven by Figure’s Consumer Loan Marketplace, where volume reached $4.3 billion, up 132% from a year ago. Figure Connect, its marketplace connecting loan originators with capital providers, accounted for $2.8 billion, or about 65%, of that total.

FIGR shares rose roughly 5% in premarket trading on Thursday, extending Wednesday’s 10% gain.

Figure is one of the more established publicly traded companies trying to move lending and capital-market activity onto blockchain rails. Its platform connects loan originators with investors, using blockchain infrastructure to support the origination, financing and trading of assets such as home-equity loans.

The company added 102 loan-origination partners during the quarter, bringing the total to 489 across mortgage lenders, banks and fintech firms. CEO Michael Tannenbaum said weekly loan applications surpassed $1 billion in July.

Figure’s other onchain products also expanded. Circulation of YLDS, its yield-bearing stablecoin, rose to $556 million at the end of June from $328 million at the end of 2025. Third-party borrowing through its Democratized Prime marketplace reached about $170 million as of Aug. 6.

For the third quarter, Figure expects Consumer Loan Marketplace volume of $4.8 billion to $5.2 billion.

Its pending acquisition of real estate lender Kiavi remains on track to close in the second half of 2026, the company said. The deal would expand Figure into adjacent real estate lending markets and bring more loans to its marketplace.