Figure's hot streak persists as loan marketplace volume soars

Figure Technology Solutions is on a hot streak with another profitable quarter, surpassing Wall Street expectations.

The fintech posted an $87 million profit for the second quarter, its strongest-ever quarterly mark, which beat a Standard & Poor's consensus estimate of $58 million. Since going public last September, Figure has consistently posted positive earnings and surpassed net income totals of $45 million and $30 million in the prior quarterly and year-ago periods. 

The company reported consumer loan marketplace volume of $4.3 billion, a 132% year-over-year increase. That sum includes auto, small business and home equity line of credit lending, segments that Figure did not break out in Thursday's earnings.

Figure also added 102 banks, credit unions, nonbanks and other lenders onto its platform in the last quarter, bringing its total to 489. CEO Michael Tannenbaum explained to investors how his firm has supercharged its partners' HELOC lending. 

"Our partners originated 2.6 times more HELOC volume in 2025 than their pre-Figure baseline would predict," he said, citing an analysis of Home Mortgage Disclosure Act data. "We call this the Figure factor."

Of the total consumer loan marketplace volume, $2.8 billion came from its Figure Connect blockchain-based marketplace. Launched in 2024, the platform today accounts for 65% of the company's total volume. 

Inside the numbers

The fintech posted net revenue of $226 million, a marked increase from $167 million in the first quarter and $112 million in the second quarter a year ago. The company also reported adjusted revenue of $218 million.

The lender still has a sizable direct-to-consumer operation, and reported an average loan size that grew from $52,000 to $96,000 year-to-date. It retained a balance sheet at the end of the quarter of around $597 million, although executives said they don't plan to retain loans longer term.

Figure's newer Democratized Prime marketplace, which pairs partners looking to lend or borrow via warehouse funding, also ended the quarter with a matched offers balance of $392 million. 

"We expect this to keep building as we bring more partners onto the platform and as awareness of the capital availability and pricing advantage spreads across our existing partner base," said Chief Financial Officer Macrina Kgil. 

Looking forward

At the end of the recent period, Figure reported cash and cash equivalents of $1.44 billion. The fintech in July closed its $600 million senior note offering at 8.5%, financing that will fund its purchase of Kiavi, a real estate investor platform, which brings debt-service coverage ratio lending to Figure. 

The business issued third quarter guidance of consumer loan marketplace volume between $4.8 billion and $5.2 billion, and reported $1.7 billion worth of deals already for July. Executives acknowledged that they had been more conservative in setting their guidance in the prior quarter, their first forecast as a public company. 

Shares of Figure were down slightly Thursday morning at $31.33 per share, after opening at $32.13.