Figure Technology Solutions said on Thursday that it moved US$ 4.3 billion in consumer loan marketplace volume in the 2nd quarter, up 132% from the same period a year earlier. The financial technology company's net income jumped 192% to US$ 87 million.
Net revenue more than doubled, reaching US$ 226 million, and net profit margin rose 10.5 points to 38.8%.
Marketplace
The marketplace volume includes home equity lines, loans based on the debt service coverage ratio and personal loans processed by the company's origination system, as well as third-party loans traded on Figure Connect. The platform, launched in June 2024, accounted for US$ 2.8 billion, or 65% of the quarter's total, and grew 262% year over year. In the quarter, the company added 102 loan origination partners, totaling 489.
Outlook
CEO Michael Tannenbaum said weekly loan applications surpassed US$ 1 billion in July. For the 3rd quarter, Figure expects marketplace volume between US$ 4.8 billion and US$ 5.2 billion. In May, Bernstein analysts predicted that Figure would post record volume in the 2nd quarter, citing blockchain data that would allow tracking the company's credit activity in real time.
