Figure's Third-Quarter Volume Growth Cools From 132%
Consumer Loan Marketplace volume reached $5.12 billion, at the high end of the $4.8 billion to $5.2 billion range, excluding Kiavi after the Sept. 1 close.
Figure Technology Solutions (FIGR), the blockchain-native capital marketplace for tokenized assets, reported preliminary third-quarter Consumer Loan Marketplace volume of $5.119 billion, up 20% from $4.259 billion in the second quarter.
That sequential step-up followed a 47% rise in the second quarter from $2.902 billion in the first quarter. Year-over-year growth slowed to 107% from 132% in the second quarter. The result sat at the high end of the previously issued $4.8 billion to $5.2 billion range.
The figure excludes volume originated on the Kiavi platform after the Sept. 1, 2026 closing. Kiavi loan volumes for the approximate one-month period after the merger will be included with third-quarter financial results in November, and prior-period volumes will be recast after the next quarterly earnings release.
September volume was $1.783 billion, up 9% from $1.640 billion in August.
Democratized Prime, the on-chain lend-borrow marketplace launched in June 2025, accelerated. Matched Offers Balance rose to $588 million at quarter-end from $392 million, after a 6% sequential increase in the second quarter. Borrower Demand rose to $600 million from $414 million. Available Lender Supply rose to $825 million from $522 million.
$YLDS in circulation, the SEC-registered yield-bearing stablecoin launched in February 2025, declined to $504 million from $556 million at the end of the second quarter, after a 7% sequential decline in the second quarter from $598 million at the end of the first quarter.
In the second quarter, net revenue was $226 million, net income was $87 million with a 38.8% net income margin, and Adjusted EBITDA was $119 million with a 54.6% margin. Figure Connect volume was $2.8 billion, or 65% of Consumer Loan Marketplace volume, and the net take rate was 3.6%.
More than 489 partners use Figure’s loan origination system and capital marketplace. Figure and its partners have originated approximately $30 billion of home equity to date, making the ecosystem the largest non-bank provider of HELOCs. Figure Connect and Democratized Prime are the fastest-growing components, with DART for asset custody and lien perfection and $YLDS in the ecosystem. Figure has received AAA ratings from S&P and Moody’s on multiple loan securitizations.
Consumer Loan Marketplace Volume is the U.S. dollar equivalent value of originations of HELOCs, DSCRs, and personal loans on its loan origination system, plus third-party loans traded on Figure Connect, and excludes Kiavi. Matched Offers, Borrower Demand, and Available Lender Supply are end-of-period outstanding balances on Democratized Prime.
The information is unaudited and preliminary, based on Figure’s estimates, and subject to completion of financial closing procedures. Final results in SEC filings might vary.
Figure may use its website, investor relations site, operating-metrics dashboard, and social channels, including those of Co-Founder and Executive Chairman Mike Cagney, to disclose information.