On-Chain Lender Figure’s Q2 Revenue Jumps 113% to $226 Million

Figure, an on-chain lending platform, more than doubled its second-quarter revenue from a year earlier.

CoinDesk reported on August 13 that Figure posted net revenue of $226 million in the quarter, up 113% from a year earlier.

Net income rose 192% to $87 million. Diluted earnings per share were 35 cents. Adjusted EBITDA climbed to $119 million, more than doubling from the same period a year earlier.

Growth in consumer lending drove the gains. Figure’s transaction volume reached $4.3 billion in the second quarter, up 132% from a year earlier.

Figure Connect, which links loan providers with investment capital, handled $2.8 billion in volume. That was about 65% of total consumer lending transaction volume.

Figure added 102 lending partners in the second quarter, bringing the total to 489. Chief Executive Officer Michael Tannenbaum said last month that weekly loan applications had surpassed $1 billion.

Figure operates a platform that connects loan products from banks and fintech companies with investors. It uses blockchain technology in loan origination, funding and transaction processing.