Figure Technology Solutions, the blockchain-native lending platform co-founded by Mike Cagney, reported a near-tripling of its second-quarter net income to $87 million, up 192% from $30 million a year prior. The strong performance was driven by a 132% surge in Consumer Loan Marketplace volume, which reached $4.3 billion for the quarter. Net revenue for the period also more than doubled year-over-year to $226 million.
Growth was anchored by Figure Connect, the company’s blockchain-based marketplace where third-party originators trade loans with institutional investors, accounting for $2.8 billion of total marketplace volume. Over the quarter, the platform added more than 100 new loan-origination partners, expanding its reach across home equity lines of credit, debt-service coverage ratio loans, and personal loans.
Looking ahead, Figure continues to aggressively scale its operations following a May partnership with Credibly to enter small and medium-sized business lending. CEO Michael Tannenbaum noted that weekly loan applications surpassed $1 billion in July, while the company remains on track to complete its $717 million acquisition of real estate lending platform Kiavi in the second half of the year to expand into adjacent asset classes.
