Figure Connect Now Carries Most of Loan Volume
Consumer Loan Marketplace volume reached $4.26 billion in the second quarter, up 132% from a year earlier, as Figure Connect accounted for $2.77 billion.
Figure Technology Solutions (FIGR), the blockchain-native capital marketplace for tokenized assets, reported Consumer Loan Marketplace volume of $4.26 billion for the three months ended June 30, 2026, up 132% from a year earlier.
That year-over-year rate accelerated from the 113% increase recorded in the first quarter. Sequential volume rose 47% from $2.90 billion in the prior quarter.
The capital-light marketplace became the dominant channel. Figure Connect volume was $2.77 billion, or 65% of Consumer Loan Marketplace volume, after 56% in the first quarter. Connect volume was $1.61 billion in the first quarter.
Chief Executive Michael Tannenbaum said the company delivered its strongest quarter yet, citing the 132% year-over-year increase, the addition of more than 100 origination partners, and the scaling of Figure Connect. He said weekly applications surpassed $1 billion as of July and that the pending Kiavi acquisition is expected to grow the platform into adjacent asset classes.
Net revenue was $226 million, up 113% year over year, after 98% year-over-year growth in the first quarter. Adjusted net revenue was $218 million, up 95% from the second quarter of 2025.
Net income was $87 million, up 192% year over year. Net income margin was 38.8%, up 11 percentage points from a year earlier. Adjusted EBITDA was $119 million, up 126% year over year, with Adjusted EBITDA margin of 54.6%.
Net take rate was 3.6%, down 0.4 percentage points from a year earlier, after 3.8% in the first quarter. Operations and processing costs declined to approximately 67 basis points of Consumer Loan Marketplace volume, down from 79 basis points in the second quarter of 2025.
The company added 102 origination partners in the quarter, reaching 489 total active partners across mortgage banks, depositories, servicers, and fintechs, after 387 active partners at March 31, 2026. Small/medium business loan volume increased 57% quarter over quarter.
$YLDS in circulation was $556 million as of June 30, 2026, down 7% from $598 million as of March 31, 2026. Democratized Prime matched offers were $392 million, borrower demand $414 million, and available lender supply $522 million. Third-party borrowing activity on Democratized Prime reached approximately $170 million as of August 6, 2026, a roughly 23-fold increase since December 31, 2025. The company launched SMB pools on Democratized Prime alongside Auto and Home Equity.
Cash and cash equivalents, excluding restricted cash, totaled $1.4 billion as of June 30, 2026, an increase of $239.4 million, or 20.0%, compared with December 31, 2025. Loans held for sale totaled $597 million, an increase of $193.1 million, or 47.7%, compared with December 31, 2025.
The Kiavi, Inc. transaction remains on track to close in the second half of 2026.
Figure guided Consumer Loan Marketplace volume for the third quarter of 2026 to $4.8 billion to $5.2 billion.
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Figure Technology Solutions, Inc. — all coverage and financials