Figure's loan marketplace volume hits $4.3B while profits surge nearly threefold
The company's Figure Connect platform processed 65% of marketplace transactions in Q2, while 102 new loan-origination partners joined the network.
Figure Technology Solutions disclosed that its consumer loan marketplace processed $4.3 billion in volume during the second quarter, representing a 132% increase compared to the same period last year, while quarterly profits climbed to nearly three times their previous level.
The company announced Thursday that its net income surged 192% on a year-over-year basis to reach $87 million, compared to approximately $30 million in the prior-year quarter. Net revenue experienced more than a twofold increase to $226 million, while the net income margin expanded by 10.5 percentage points to reach 38.8%.
The marketplace volume at Figure encompasses home equity lines of credit, debt-service coverage ratio loans, and personal loans that flow through the company's loan origination system, in addition to third-party loans that are traded via Figure Connect, which represented $2.8 billion, or 65%, of the total quarterly volume.
Transaction volume on the marketplace, which the company introduced in June 2024, grew 262% compared to the corresponding quarter in the previous year. Additionally, the company brought on board 102 new loan-origination partners throughout the quarter, pushing its total partner count to 489.
According to CEO Michael Tannenbaum, weekly loan applications exceeded the $1 billion threshold in July. The company anticipates consumer loan marketplace volume ranging between $4.8 billion and $5.2 billion for the third quarter.
In May, analysts from Bernstein forecasted that Figure would achieve record-breaking second-quarter volume, referencing live blockchain data that they suggested could progressively enable investors to monitor the company's lending operations in real time.