Figure Blockchain Marketplace Hits Record Q2 Volume and $1B Weekly Applications

Figure Connect Drives Marketplace Growth

Figure Connect, which serves as the company’s blockchain-based marketplace for private credit, generated $2.8 billion during the second quarter, representing 65% of the total Consumer Loan Marketplace volume, per a company press release issued Thursday. According to company disclosures, the number of origination partners—including mortgage banks, depositories, servicers, and FinTechs—grew by 102 during the second quarter, bringing the total count to 489.

“Overall, our flywheel is spinning faster, and our blockchain-based infrastructure and marketplace advantages are compounding,” Tannenbaum said during the earnings call.

Outlook and Liquidity Projections

Looking ahead to the current quarter, Figure anticipates Consumer Loan Marketplace volume to range between $4.8 billion and $5.2 billion. The midpoint of that forecast equates to a 102% year-over-year growth rate, based on an earnings presentation released Thursday.

Tannenbaum noted that the second quarter marked Figure’s strongest period to date, supported by sustained momentum into the subsequent quarter. Application volumes on the platform exceeded $1 billion per week for the first time in early July.

“We have seen continued strength in Q3, with application volumes on our platform surpassing $1 billion per week for the first time in early July,” Tannenbaum stated during the call.

Pending Kiavi Acquisition and Regulatory Approvals

In June, Figure announced an agreement to acquire Kiavi, an artificial intelligence-powered lending platform focused on residential real estate investors. The planned transaction is designed to add more than $7 billion in new annual first-lien volume to Figure Connect and over $100 million monthly to Figure’s Democratized Prime blockchain-native warehouse marketplace, according to earlier company releases.

Addressing the timeline of the deal during Thursday’s call, Tannenbaum said: We have started to receive key regulatory approvals for the transaction and anticipate closing by the end of this year.