FIGR: Using the Blockchain to Actually Fixing Lending

When you’re evaluating a true growth company, the checklist is straightforward: rapid revenue and earnings growth, heavy reinvestment in innovation, a durable competitive moat, a large addressable market, and strong margins.

Figure Technology Solutions $FIGR ( ▲ 0.69% ) checks every one of those boxes.

FIGR has built technology that dramatically outperforms what banks are doing. They proved people want it ($2.5B in quarterly volume). They're making money hand over fist (55% EBITDA margins). And they've built walls around the castle that will take competitors years to climb.

When a company beats earnings by 2× in their first quarter as a public company, that's not luck. That's a business model hitting its stride.

This momentum should only accelerate as more people learn about the company and its products. Which was helped last week by this New York Post article: Figure is bringing the mortgage market on chain.

Figure isn’t just building a product. They're building the rails that money moves on.

FIGR: The Most Interesting Fintech in America Right Now

Every once in a while, someone shows up with a structural advantage by utilizing new technology that doesn't just "disrupt" an industry, it completely transforms it.

That's what Figure Technology Solutions $FIGR ( ▲ 0.69% ) is doing.

The more I dig into this company, the more I'm convinced they're building something far bigger than a lending platform. This is an entirely new way of moving capital through the financial system.

And unlike most companies working with blockchain, FIGR isn’t just bolting new products onto old systems. Instead, they invested the time, capital, and effort to build their own infrastructure from the ground up. That foundational work gives FIGR a huge competitive advantage and massive moat.

The Opportunity They're Sitting On

Unlike 2006-2010, American homeowners are now sitting on a mountain of equity.

And as prices keep compounding higher on four years of elevated inflation, more people are going to need access to that cash.

$FIGR ( ▲ 0.69% ) offers a faster, simpler way to tap into that cash with home equity loans, personal loans, crypto-backed loans, small-business credit, and new mortgage products.

The numbers are already remarkable:

• $50B+ in on-chain transactions

• 200+ partners on their platform

• Largest non-bank home equity financing network in the U.S.

• A newly public company with $340.8M quarterly revenue, $1.27B in assets, and a AAA-rated securitization

This is mainstream scale, not a startup idea with hypotheticals.

Why This Matters to Real People

Blockchain is cool. Faster loans are cool. But here's the real reason FIGR matters: it’s more efficient and restores trust in a system that has been ripe for disruption for decades.

Traditional lending is messy. Piles of paperwork, weeks of uncertainty, documents getting "lost," terms changing at closing, hidden fees, department-to-department handoffs, and fraud (both internal and external). You're basically hoping nothing goes wrong.

FIGR removes that hope and replaces it with verification.

Every step (application, approvals, income checks, collateral records, disbursements, payments) goes onto the blockchain with a timestamp and cryptographic signature. Once recorded, it cannot be altered. Not by employees. Not by lenders. Not by fraudsters.

This eliminates double-pledged properties, identity manipulation, altered payment histories, last-minute "surprise" fees, and document tampering. Fraud doesn’t simply get detected, it's prevented before it can occur.

The system enforces honesty and transparency. That alone is transformative.

Even JPMorgan CEO Jamie Dimon, who has been one of the loudest critics of crypto assets like Bitcoin, is a strong supporter of blockchain. He has repeatedly emphasized that blockchain, stablecoins, and tokenization are “real” technologies that will play a major role in the future of finance.

Provenance: The Efficiency Engine Behind It All

$FIGR ( ▲ 0.69% ) built its own blockchain called Provenance, and this is where the business model gets real interesting.

Loan Funding Speed

• FIGR: 5–10 days

• Traditional banks: 21–42 days

Cost to Originate a Loan

• FIGR: $730

• Industry average: $6,900 - $11,230

Ten days versus six weeks. Seven hundred dollars versus seven to eleven thousand. These aren't small efficiencies, these are industry disrupting improvements.

Everything that used to require human processing is now automated: income verification, lien checks, digital loan notes, compliance rules, settlement, and investor distribution. Once conditions are met, a smart contract executes the loan automatically.

This is why FIGR's margins look like a software company, not a lending company.

New IPO, but Already Profitable. VERY Profitable

It’s not at all uncommon for industry-shaping, world-changing companies to spend years in the public markets before ever turning a profit. Amazon $AMZN ( ▲ 0.56% ) took six years after its IPO to reach profitability. Uber $UBER ( ▼ 2.58% ) needed almost four. And Tesla $TSLA ( ▲ 2.63% ) didn’t post its first full-year profit for nearly a decade.

FIGR is a different story. It’s already generating strong margins out of the gate.

EBITDA margin: 55% Fintech average sits around 16–17%. Elite peers hit 20–25%. FIGR is running margins that SaaS companies brag about, but they’re doing it in a lending business.

Net profit margin: 19% Industry average: 5–10%.

Q3 2025 Earnings

• EPS expected: $0.16 → EPS delivered: $0.34 (2× expectations)

• Net income: $90M (+227% YoY)

• Revenue: $156M (+55% YoY, roughly 30% above expectations)

Pretty impressive for a company that began operating in 2018.

The Machine Behind the Margins

FIGR uses tokenization to convert loans and other real-world assets into on-chain, transferable instruments on its Provenance Blockchain. Those digital assets then power origination, funding, trading, and yield products across the entire platform.

Here’s how it works:

• Origination:
When a loan is created, FIGR instantly generates a digital loan note on Provenance. That token represents the legal and economic interest in the asset, meaning the loan is “born tokenized.”

• Movement Through the System:
Because the loan starts on-chain, it can flow through warehouse lines, securitizations, and secondary trades without ever touching legacy custodians or transfer agents. The blockchain becomes the authoritative ledger.

• Product Coverage:
While FIGR’s core focus is consumer credit, especially home-equity products, the same rails support crypto-backed loans, small-business credit, and broader real-world asset pools.

• Tokenized Financing & Yield Products:
FIGR also offers on-chain financing structures and yield products, including tokenized credit pools and interest-bearing dollar instruments built from these loan bundles.

• Operational Efficiency:
Running settlement and lifecycle management on-chain dramatically cuts processing times and back-office expense.

• Liquidity & Marketplace Margins:
Because every asset is natively digital and portable, FIGR can route them among banks, asset managers, and DeFi-style venues with far greater efficiency. That portability deepens liquidity and supports higher-margin marketplace revenue as the platform scales.

All of this feeds back into FIGR’s two-sided flywheel. On one side, originators gain faster processing, lower costs, and better economics by using FIGR’s rails. On the other, investors (from banks to asset managers to on-chain liquidity venues) get cleaner data, instant settlement, and more transparent, tradable credit products.

As each side grows, it strengthens the other. More originations create more investable assets; more investor demand attracts more originators. The marketplace becomes more efficient, liquidity deepens, margins improve, and FIGR’s competitive advantage compounds.

More originators bring more loan supply, which attracts more institutional buyers, which means faster sales and better pricing, which attracts more originators. Each of the 246 partners makes the system more valuable.

Add in new products like crypto-backed loans, DSCR mortgages, specialty HELOCs, SMB loans; and FIGR is stacking revenue streams on the same infrastructure at nearly zero incremental cost.

Why FIGR’s Current Lead is a Long-term Advantage

A competitor can copy your ideas, your UI (user-interface), even your marketing. But they cannot copy your moat. And FIGR has built a fortress.

The Licensing Wall 180+ lending and servicing licenses. 48 money transmitter licenses. This is years of regulatory work that competitors would have to replicate state by state.

Institutional Validation Partnerships with BlackRock and Microsoft deliver instant credibility, regulatory trust, and market access.

Early Regulatory Approvals FIGR secured early approvals for tokenized securities, stablecoin products, and blockchain settlement frameworks. This positions them as the default safe choice for regulated digital finance.

The Right Borrowers Average FICO: 755. Average income: $186,000. Prime borrowers aren't just safer, they reinforce the marketplace. Institutions love this credit tier because it lowers risk, increases liquidity, and strengthens FIGR's reputation.

Network Effects With Real Switching Costs Once a partner integrates FIGR, their teams are trained on it, their workflows are built around it, their loans fund faster, their secondary sales clear quicker, and their pricing improves. Switching to a smaller, slower, unproven competitor? Not happening. The bigger the network becomes, the harder they are to dislodge.

Provenance: The Unreplicable Backend Competitors can copy a feature. They can't copy 200+ institutional integrations, billions in live settlement volume, compliance rails, historical data, market trust, and compounding network effects. This is the blockchain equivalent of “Visa's rails” $V ( ▼ 0.24% ) . It’s not something that can easily be rebuilt.

The Chart Suggests Now is the Time to Buy

As long as it is above it’s opening price of $36.00, I like it. Above ⚓️ VWAP from the high and it’s opening trading day (currently ~$40 - green lines on the chart), and I think this has huge potential as an investment.

Anecdotal, but First-Hand Glowing Review

I actually know someone who used FIGR long before I had ever heard of it, and her experience left a strong impression. Early in the pandemic, when business activity had slowed to a crawl and the future felt uncertain, she came across a great investment opportunity. But she didn’t know how much cash she might need in the months ahead, so she looked into accessing a HELOC.

Traditional banks were a mess at the time: slow processes, limited staffing, and endless delays. After running into multiple roadblocks, she started searching for alternatives and discovered Figure Technologies. She dug into the company to make sure it was legitimate, decided to give it a try, and the experience exceeded every expectation. Fast, simple, and far less frustrating than the legacy process she was used to.

She told me about it back then. My reaction? Something along the lines of, “Cool. Always good to see a company using real technological breakthroughs to make an annoying process faster and more efficient.” Of course, I looked to see if it was publicly traded, but it was not at the time.

That investment ended up being a winner, and it might not have happened without Figure’s quick, streamlined system.

I had completely forgotten about this conversation until recently, when I was excitedly telling her about a “new” company that had just gone public. She laughed and said, “That’s the company I told you about five years ago,” and once again reiterated how smooth the entire process had been.

The Bottom Line

At the end of the day, great growth stocks share the same core traits: fast revenue and earnings expansion, continuous innovation, defensible moats (patents/tech), massive markets, and healthy margins.

Figure Technology Solutions $FIGR ( ▲ 0.69% ) has them all.

If you enjoyed this post or found it useful, do me a favor and hit the like (heart) button and share it with others.

Click the Leave a comment button if you have any questions or comments, or need something clarified. Don’t be shy. The main point here is to improve constantly. Questions and comments help us both and tells me what you are interested in learning/hearing more about.

Learn. Improve. Pass on.