The news: Consumer loan marketplace Figure uses a blockchain to originate, fund, and trade loans. In reported in its earnings that its origination volume rose 63% YoY to $8.4 billion in full-year 2025. (That includes data on Figure Connect, the private-loan marketplace it launched in 2024.) The company, which went public last fall, reported full-year revenue of $507 million and a $134 million profit.

How it works: Figure combines an online loan marketplace geared toward consumers and an institutional trading platform for private loans. Loans are tokenized and recorded on a blockchain:

• Figure has focused on home equity lines of credit, including loans that use crypto as collateral. It also offers cash-out refinancing and loans to real estate investors. The core consumer-facing value proposition is a slick interface and quick originations; it backs some of its own loans and partners with financial institutions (FIs) to distribute their products white-labeled.
• Figure Connect is a private-credit marketplace that runs on Figure’s blockchain infrastructure. Its objective is to reduce the time and resources spent pricing and trading loans and to make terms and pricing clear in a historically murky market. Figure’s blockchain is designed to reduce settlement times from months to days.

Implications for banks: Perhaps more consequential than Figure’s marketplace—competing with banks for customers and partnering with them to distribute loans—is its infrastructure.

Figure operates its own blockchain, which is the technical backbone of its lending and trading operations. FIs are beholden to legacy lending systems and manual processes and should note the blockchain’s use for recordkeeping. Lending technology is shifting rapidly, and cost and efficiency will differentiate lenders as much as pricing and interface will.