Onchain lender Figure nearly triples quarterly profits as loan marketplace volume surges to $4.3 billion

Figure Technology Solutions, the blockchain-native lending platform co-founded by Mike Cagney, said Thursday that second-quarter profit nearly tripled as activity across its consumer loan marketplace more than doubled.

The company said its net income increased 192% to $87 million from $30 million during the same period a year ago. Volume on its Consumer Loan Marketplace volume rose to $4.3 billion in the quarter, a 132% increase year-over-year.

That included $2.8 billion in volume through Figure Connect, the company’s blockchain-based marketplace through which third-party loan originators sell loans to institutional investors. Figure’s Consumer Loan Marketplace includes originations of home equity lines of credit, debt-service coverage ratio loans and personal loans through its loan-origination system, as well as third-party loans traded through Figure Connect.

Figure also said it added over 100 new loan-origination partners during the quarter.

"With weekly applications now surpassing $1 billion as of July and the pending completion of our Kiavi acquisition, which we expect will significantly grow our platform into adjacent asset classes, we are accelerating our growth flywheel and our first-mover advantage in bringing the capital markets on-chain," Figure CEO Michael Tannenbaum said in a statement.

Figure’s (FIGR) net revenue more than doubled year-over-year to $226 million. The company also recently agreed to acquire real estate lending platform Kiavi in a $717 million transaction that Figure said remains on track to close during the second half of this year.

Additionally, in May, Figure expanded into lending for small and medium-sized businesses through a partnership with Credibly.

Cagney, who co-founded SoFi and served as its CEO, is Figure’s co-founder and executive chairman.