Figure Technology will reach $2.5 billion in loan volume in Q3 2025

CEO Michael Tannenbaum told analysts on Friday that Figure’s market model “reaches beyond home values ​​and into the broader consumer ecosystem, capturing a larger share of the home financing value chain.”

The third quarter totals include $1.1 billion from Figure Connect, the platform launched in June 2024 that allows counterparties to buy and sell standardized, blockchain-native assets. That compares to $767 million in the second quarter.

“We originally used our balance sheet to bridge the gap between our partners and the capital markets, but in June 2024 we began moving away from that with the launch of Figure Connect, giving our origination partners direct access to capital market liquidity,” said Tannenbaum.

“This fee-based model is more profitable for us and also does not require the use of our equity.”

As of September 30, borrowers had access to $41.2 million in undrawn HELOC obligations. Average interest rates in the third quarter were 9% for Figure brand HELOCs and 9.2% for partner brand offerings. The terms averaged 293 months and 303 months respectively.

Figure ended the quarter with 246 active ecosystem partners – including banks, credit unions and more than half of the top 20 independent mortgage banks – and said it recently added one of the nation’s largest loan managers.

Figure was made public on the Nasdaq in September, raising $663 million in net proceeds and reaching a valuation of $5.29 billion.

In the third quarter, the company posted net income of $90 million, up 272% year over year. Adjusted EBITDA rose 75% to $86 million.