Figure Doubles Consumer Loan Volume and Adds Auto Lending

Blockchain-native capital marketplace Figure Technology Solutions saw its Consumer Loan Marketplace volume double year-over-year in the fourth quarter.

The volume rose 131% over that period to reach $2.7 billion in the fourth quarter, the company said in a Thursday (Feb. 26) earnings release.

Figure Connect, the company’s blockchain-based marketplace for private credit that was launched in June 2024, accounted for $1.5 billion of the fourth quarter’s total, according to the release.

This was the first quarter in which more than half of the company’s Consumer Loan Marketplace volume transacted through Connect, Figure CEO Michael Tannenbaum said during a Thursday earnings call.

“That milestone matters not only because of the speed at which it happened — reminder, we launched Connect in June 2024 — but also because it represents structural progress in how the business operates,” Tannenbaum said. “The more volume that flows through Connect, the less we rely on balance sheet intermediation. The model becomes more capital light, and our margins become more durable.”

Figure also saw growth in its new product categories, including Crypto Backed Loans, Small/Medium Business Loans (SMB), Debt Service Coverage Ratio Loans (DSCR) and Residential Transition Loans (RTL). Together, these delivered volume of $97 million in the fourth quarter, according to the release.

SMB volume was up two times quarter over quarter, while DSCR volume was up 4.3 times, according to a presentation released Thursday. RTL was launched in the fourth quarter.

The company announced Thursday that it added auto lending to its marketplace by forming a strategic partnership with artificial intelligence-powered auto FinTech platform Agora Data. This collaboration will bring externally originated auto loans onto Figure’s marketplace, Figure said in a press release. The firm expects it to bring tens of millions of dollars of auto finance assets to the marketplace within months, per the release.

“By integrating with third-party originators, we dramatically expand addressable supply without material costs,” Tannenbaum said during the call. “We effectively turn our marketplace into a capital markets highway, one that can accept assets from multiple on-ramps.”

Figure also highlighted the launch of its On-chain Public Equity Network (OPEN), adding that this move advances its strategy to modernize capital markets infrastructure. When launching OPEN in January, the company said this network enables companies to list their equity native on blockchain.

Thursday’s call marked Figure’s second earnings call as a publicly traded company after its September initial public offering.