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About Figure
Figure is a fintech company that uses blockchain to streamline home equity lending in the US. Its core business is HELOC (Home Equity Line of Credit), allowing homeowners to borrow against their home value. The traditional process takes 45+ days with multiple intermediaries (banks, appraisers, title companies). Figure moves the entire loan lifecycle—origination, ownership records, transfer, securitization—onto its self-built Provenance blockchain, cutting approval time to as little as 5 days and reducing costs from ~$11,000 to ~$1,000.
Figure's competitive moat is its "loan marketplace" model. Figure Connect, a blockchain-based trading platform, connects loan originators with institutional investors. In Q2 2026, Connect contributed $2.8B of the $4.3B total marketplace volume (65%), with 489 partner originators. The company also issues YLDS, the first SEC-registered yield-bearing stablecoin, backed by its loan pipeline—distinct from purely crypto-native stablecoins.
Market pain points addressed: slow, expensive, opaque home equity lending; fragmented loan trading; and lack of regulated on-chain yield products.
Recent developments (Feb–Aug 2026): Q2 revenue doubled to $226M (GAAP), net income nearly tripled to $87.4M (38.8% margin); marketplace volume grew 132% YoY to $4.3B, with Q3 guidance of $4.8–5.2B. YLDS circulation rose from $328M to $556M. The company acquired Kiavi (AI-driven real estate lending platform) for $717M, expected to close in H2 2026, adding ~$7B annual loan supply.
Risks: credit cycle exposure (HELOC defaults tied to housing market); regulatory tolerance for its model remains an open question; take rate declined to 3.6% (lower end of guidance) as large partners integrate directly, pressuring fee income per dollar of volume.
Figure, a blockchain-based financial services firm, has hit key milestones since its 2018 founding. It launched a blockchain-native home equity lending platform and later expanded into asset tokenization. In 2024, it introduced Figure Connect, an on-chain loan marketplace, and Figure Exchange, a digital asset trading venue, alongside the YLDS stablecoin. The company formed the RWA Alliance to extend monthly on-chain loan volumes to Solana and received a $25 million investment from Ondo Finance to promote the OUSG stablecoin. In 2025, Figure acquired AI-powered real estate lending platform Kiavi for $170 million and secured $250 million in forward financing from Cross River to support crypto-secured lending. It also launched an on-chain stock and lending platform supporting real equity issuance and direct stock lending. Financially, Figure reported 2025 annual net profit growth of 574% and authorized a $200 million stock buyback. In Q1 2026, its loan market reached $2.9 billion, up 113% year-over-year, and Q2 transaction volume hit $4.26 billion, a 132% increase. Despite a customer data breach, Figure continues to scale its blockchain-based capital marketplace.
Co-founders:
Mike Cagney: Co-founder of Figure. Previously co-founded SoFi (CEO/Chairman) and Finaplex. Background in finance and blockchain. LinkedIn: https://www.linkedin.com/in/mikecagney/ | Twitter: https://x.com/mcagney
June Ou: Co-founder and President of Figure. Also co-founded Finaplex and served as CTO/VP Engineering at SoFi. LinkedIn: https://www.linkedin.com/in/juneou/
Core executives:
Michael Abbate: Chief Investment Officer at Figure. Previously at Morgan Stanley. LinkedIn: https://www.linkedin.com/in/michaelabbate330/
Nicholas Santomauro: Vice President of Marketing at Figure. Previously at Apple, Twitter, and Binance. LinkedIn: https://www.linkedin.com/in/nicholas-santomauro-a7039440/ | Twitter: https://x.com/nsantoma