Figure’s Origination Platform Tops $2.7b In Q4

Figure Technology Solutions reported that its loan origination system produced $2.705 billion in volume during the fourth quarter of 2025, up 131% from the same period a year earlier, according to preliminary operating data released Monday. Compared to the prior quarter, the volume increased 9.5%.

The volume was driven by the company’s consumer loan marketplace, which includes home equity lines of credit (HELOCs), debt-service coverage ratio (DSCR) loans and personal loans, as well as third-party loans traded on Figure Connect. That platform, which launched in June 2024, enables counterparties to buy and sell standardized, blockchain-native assets.

In December alone, marketplace production reached $869 million, up 1.6% from the prior month and 134% year over year.

“We believe this measure is an indication of our scale and represents the potential revenue opportunity from the technology used for consumer credit loan originations,” the company said in a statement. 

Within Democratized Prime — a decentralized lending marketplace that connects crypto-based liquidity with borrowers — demand totaled $246 million at the end of the fourth quarter, compared with $213 million in available lender supply. Matched offers stood at $206 million.

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

In November, the company filed a registration statement with the Securities and Exchange Commission (SEC) for a proposed public offering of its Series A Blockchain Common Stock, marking the launch of what it described as the first blockchain-native public equity security.