Figure Markets Pivots From Lender To Blockchain Marketplace
Figure Markets is transitioning from a HELOC lender to a third-party origination platform. Q2 2026 results show partner-originated volume now dominates, with EBITDA growing faster than revenue. The company's AI underwriting and blockchain rails create a scalable financial infrastructure model. Investors should focus on operating leverage, liquidity depth, and partner adoption rather than declining take rate.
Figure Markets is being misread as a specialty lender when its Q2 2026 results show a platform transition. The company began by using AI to cut HELOC origination costs from roughly $11,000 to under $1,000 and reduce processing time from about 40 days to five to seven days. That operational advantage created the foundation for a marketplace model: third parties now originate loans on Figure's infrastructure, reducing reliance on Figure's own balance sheet.
From Lender To Marketplace
The clearest strategic shift is the reversal in loan volume mix. In Q1 2025, Figure-branded loans represented 65% of consumer loan volume, while Figure Connect represented 35%. By Q2 2026, Figure Connect reached 65%, with partner count rising from 144 to 498. This is not incremental growth; it is a change in business model. The company is becoming a financial infrastructure provider rather than a single lender.
Why Falling Take Rate Is Not The Problem
The main investor concern is the declining net take rate. The core argument is that this is expected when a platform adds third-party volume and offers volume-based pricing. Partners that generate more volume receive better pricing, which rewards scale and deepens adoption. The more important metric is operating leverage: adjusted revenue grew 95% year over year, while adjusted EBITDA grew 126%. That means profit is growing faster than revenue, a stronger signal of durable economics than take-rate optics.
Technology And Moat
Figure's moat combines AI underwriting, proprietary software, and blockchain rails. The on-chain layer removes intermediaries, lowers transaction costs, and provides real-time visibility into loan activity. The analysis notes that AI underwriting may eventually be commoditized, but the combination of fast underwriting, blockchain integration, and growing liquidity is harder to replicate. The company also offers retail-facing yield products, but these remain a small part of revenue and are better viewed as an optionality layer.
Investment Implications
The key takeaway is to reclassify Figure from a lender to a marketplace. That changes the valuation framework: partner count, third-party volume share, EBITDA growth, and liquidity depth matter more than take rate alone. With a Rule of 40 score in the 150 range, Figure is outperforming most large-cap peers on growth-plus-margin. The near-term catalyst is continued partner adoption and the Q4 contribution from a new acquisition expected to double volumes. The analyst also expects a two to three quarter re-rating window if growth remains sustainable. For investors, the actionable move is to watch on-chain loan data and EBITDA trajectory as evidence that the platform flywheel is compounding.
Key insights
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Figure is shifting from a balance-sheet lender to a third-party origination platform. Partner-originated volume reached 65% of consumer loan volume in Q2 2026, while partner count rose from 144 to 498.
Impact: This changes the valuation framework from specialty lending to financial infrastructure. It reduces dependence on Figure's own capital and supports scalable revenue growth.
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Figure's adjusted EBITDA grew 126% year over year, faster than adjusted revenue growth of 95%. That indicates operating leverage as the platform scales.
Impact: Investors should prioritize profit growth over take-rate optics. Stronger EBITDA growth supports a higher-quality growth profile.
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AI underwriting cut HELOC origination costs from about $11,000 to under $1,000 and shortened processing from 40 days to five to seven days. Blockchain rails further reduce intermediaries and improve transaction visibility.
Impact: The combination creates a defensible cost and speed advantage. Competitors may copy AI underwriting, but replicating the full on-chain infrastructure and liquidity network is harder.
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Figure's marketplace is creating a liquidity flywheel as more partners originate more loans. On-chain data provides real-time visibility into loan activity and growth.
Impact: This can accelerate adoption and improve pricing power. It also gives investors a leading indicator before quarterly reports.
Action items
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Reclassify Figure as a marketplace in investment models. Track partner count, third-party volume share, and EBITDA growth as primary metrics.
Impact: This avoids mispricing the company as a single lender. It aligns valuation with the actual source of growth.
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Monitor on-chain loan data to validate growth between earnings reports. Use it to confirm partner adoption and volume trends.
Impact: Real-time data reduces reliance on lagging quarterly disclosures. It can surface momentum or deceleration earlier.
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Interpret declining take rate through volume-based partner pricing. Compare take-rate movement with EBITDA margin expansion.
Impact: This prevents a false negative on platform scale. It focuses analysis on profit contribution rather than top-line rate.
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Assess the moat by mapping AI underwriting, blockchain settlement, and liquidity depth. Identify which components are hardest to replicate.
Impact: This clarifies competitive durability. It helps distinguish a temporary advantage from a structural platform moat.
Quotes
“So it's just not us, but everyone else can actually come in and originate their loans on our platform.”
“The revenues grew 95% year over year, while their EBITDA grew 126%.”
“Once you build something that people want to use, you will find your users.”