Figure Technology Profit Surges 192% Amid Marketplace Expansion

The company’s performance highlights the success of Figure Connect, which handled $2.77 billion in volume, or 65% of the total marketplace activity. By adding 102 new partners during the quarter, Figure now maintains an active network of 489 entities, including mortgage banks and fintech firms. This expansion has effectively lowered processing costs to 67 basis points of volume, down from 79 basis points a year ago.

Financial results reflect a broad scaling of operations. Net revenue more than doubled to $225.6 million, while the net income margin widened significantly to 38.8%. Adjusted EBITDA reached $119.4 million, with management signaling a medium-term target of 60% for the 2026–2028 period. Beyond core lending, the company’s digital asset arm saw its YLDS token circulation reach $556 million, supported by multi-chain expansion onto the Sui network.

Looking forward, Figure projects third-quarter volume between $4.8 billion and $5.2 billion. Growth is expected to gain further momentum from the planned $717 million acquisition of Kiavi, a deal intended to integrate residential transition and debt-service coverage ratio loans. CEO Michael Tannenbaum noted that weekly loan applications surpassed the $1 billion mark in July, providing a bullish outlook for the firm’s continued push into adjacent asset classes.