Figure’s marketplace accelerates with $2.5B in Q3 volume

Figure Technology Solutions reached $2.5 billion in consumer loan marketplace volume in the third quarter of 2025 — a 70% year-over-year increase, the company reported Thursday in its first earnings release since going public.

Most of Figure’s volume continues to come from home equity lines of credit (HELOCs). New product categories — including crypto-backed loans, small and medium business loans, debt-service-coverage ratio (DSCR) loans, HELOCs for seniors and interest-only mortgages — contributed $80 million during the quarter.

The company also nearly tripled the volume for its first-lien HELOC compared to a year earlier.

CEO Michael Tannenbaum told analysts on Friday that Figure’s marketplace model “extends beyond home equity and into the broader consumer ecosystem, capturing a larger share of the housing finance value chain.” 

Third-quarter totals include $1.1 billion from Figure Connect, the platform launched in June 2024 that allows counterparties to buy and sell standardized, blockchain-native assets. That compares to $767 million in the second quarter.

“​​Originally, we used our balance sheet to bridge between our partners and the capital markets, but we began to move away from that in June of 2024 with the launch of Figure Connect, where we allow our origination partners to access capital market liquidity directly,” Tannenbaum said.

“This fee-based model is more profitable for us and, in addition, does not require us to use our equity capital.” 

As of Sept. 30, borrowers had access to $41.2 million in undrawn HELOC commitments. Average interest rates in Q3 were 9% for Figure-branded HELOCs and 9.2% for partner-branded offerings. Terms averaged 293 months and 303 months, respectively.

Figure ended the quarter with 246 active ecosystem partners — including banks, credit unions and more than half of the top 20 independent mortgage banks — and said it recently added one of the nation’s largest loan servicers.

Figure went public on the Nasdaq in September, raising $663 million in net proceeds and reaching a valuation of $5.29 billion.

In the third quarter, the company posted $90 million in net income, a 272% jump year over year. Adjusted EBITDA rose 75% to $86 million.