- Figure Technology Solutions posted $4.3 billion in Q2 consumer loan marketplace volume, up 132% year over year.
- Net income rose 192% to $87 million, and net revenue more than doubled to $226 million.
- Figure Connect accounted for $2.8 billion, or 65%, of quarterly volume; the company added 102 lending partners.
- Management expects Q3 marketplace volume between $4.8 billion and $5.2 billion.
Figure Technology Solutions reported in its Thursday earnings release that second-quarter consumer loan marketplace volume reached $4.3 billion, up 132% from a year earlier, as quarterly profit nearly tripled. Net income rose 192% year over year to $87 million, from about $30 million.
Net revenue more than doubled to $226 million, while net income margin increased 10.5 percentage points to 38.8%. Marketplace volume includes home equity lines of credit, debt-service coverage ratio loans and personal loans processed through its loan origination system, as well as third-party loans traded on Figure Connect.
Meanwhile, Figure Connect accounted for $2.8 billion, or 65%, of the quarterly total. Volume on the marketplace, launched in June 2024, increased 262% from the same period last year.
The company added 102 loan-origination partners during the quarter, bringing its total to 489. CEO Michael Tannenbaum said weekly loan applications surpassed $1 billion in July.
Consequently, Figure expects consumer loan marketplace volume of between $4.8 billion and $5.2 billion in the third quarter. Bernstein analysts predicted in May that Figure would post record second-quarter volume, citing live blockchain data that they said could increasingly allow investors to track the company’s lending activity in real time.
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