Figure Technology Solutions just posted the kind of quarter that makes traditional lenders nervously check their rearview mirrors. The Nasdaq-listed company (FIGR) reported Q1 2026 net revenue of $167 million, nearly doubling the $84.5 million it pulled in during the same period last year.
The engine behind that 98% revenue jump: consumer loan marketplace volume hit $2.9 billion for the quarter, a 113% year-over-year increase.
The numbers behind the growth
Figure’s Q1 wasn’t just a top-line story. The company reported net income of $45 million and adjusted EBITDA of $82.7 million, the latter representing a 192% increase from the prior year.
The standout within the standout was Figure Connect, the company’s platform connecting loan originators with capital markets participants. Figure Connect volume surged 237% to $1.6 billion, accounting for more than half of the total marketplace volume.
For full-year 2025, Figure reported total consumer loan marketplace volume of $8.4 billion, a 63% year-over-year increase. Cumulative loan originations through its ecosystem now exceed $22 billion, processed across a network of more than 300 partners.
How Provenance Blockchain fits in
Figure was founded in 2018 by Mike Cagney, who previously co-founded SoFi. The core thesis was straightforward: use blockchain technology to eliminate the friction, redundancy, and cost embedded in loan origination, funding, sale, and trading. The vehicle for that thesis is the Provenance Blockchain, a purpose-built Layer 1 chain designed for financial services.
Every step of a loan’s lifecycle, from origination to secondary market trading, happens on-chain. The model doesn’t require borrowers to hold crypto or interact with a wallet.
Figure went public through an IPO in 2025. The company initially focused on home equity lines of credit, commonly known as HELOCs, but has since expanded into small-business loans and business-purpose lending.
What this means for blockchain-native finance
Figure is running a lending marketplace at multi-billion-dollar scale where the blockchain is the operational backbone. The 192% EBITDA growth suggests the cost advantages of that approach are real and compounding.
The 300-plus partner network indicates that institutional counterparties are increasingly comfortable transacting on blockchain rails. Figure Connect’s 237% volume growth positions the platform as a significant conduit between loan originators and capital markets participants.
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