Figure Technology Solutions (FIGR), the blockchain lending firm co-founded by former SoFi CEO Mike Cagney, saw a significant increase in revenue during the second quarter due to a surge in lending activity on its marketplace.
During the quarter ending on June 30, the company reported a net revenue of $226 million, marking a 113% increase from the previous year. Net income also rose by 192% to $87 million, or 35 cents per diluted share, with adjusted EBITDA more than doubling to $119 million.
The growth was primarily fueled by Figure’s Consumer Loan Marketplace, which experienced a 132% increase in volume to $4.3 billion. Figure Connect, the platform that connects loan originators with capital providers, contributed $2.8 billion, accounting for approximately 65% of the total volume.
Following this positive financial report, FIGR shares saw a 5% increase in premarket trading on Thursday, building on Wednesday’s 10% gain.
Figure stands out as one of the leading publicly traded companies aiming to transition lending and capital-market activities to blockchain technology. Its innovative platform facilitates the connection between loan originators and investors, leveraging blockchain infrastructure to streamline the origination, financing, and trading of assets such as home-equity loans.