Nasdaq for blockchain-backed financial assets.

Stripe for digital mortgages and loans.

Carvana for the loan industry, leveraging blockchain.

• Provenance Blockchain: A public, permissioned blockchain specifically designed for financial services, enabling faster, cheaper, and more efficient transactions and asset management.
• Figure Markets: A digital marketplace built on the Provenance Blockchain that facilitates the trading and origination of various financial assets, including loans and securities.
• Figure Lending: Offers lending solutions, primarily focused on home equity lines of credit (HELOCs) and mortgage origination, leveraging blockchain technology for efficiency.
• Figure Pay: Provides digital payment solutions, enabling secure and efficient transactions within the Figure ecosystem and beyond.

Figure Technology Solutions (symbol: FIGR) primarily sells its technology and services to other companies within the financial services industry, making it a B2B (business-to-business) model. Their platform is designed for financial institutions seeking to digitize and streamline processes such as loan origination, servicing, and secondary market transactions, often leveraging the Provenance Blockchain.

While Figure's public filings do not typically disclose specific "major customers" by name that account for a significant portion of their revenue, their primary target customer categories include:

• Banks
• Credit Unions
• Mortgage Lenders
• Loan Servicers
• Asset Managers

Figure has also established strategic partnerships with prominent financial firms that utilize or invest in their technology and the Provenance Blockchain ecosystem. Key strategic partners leveraging Figure's technology include:

• Apollo Global Management (NYSE: APO) - A global alternative asset manager that has partnered with Figure on initiatives related to digital asset funds and utilizing the Provenance Blockchain.
• TPG (NASDAQ: TPG) - A global alternative asset management firm, also a strategic partner and investor in Figure and its related ventures.

• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

Competition from well-capitalized, established financial institutions aggressively building and deploying their own distributed ledger technology (DLT) platforms and services for financial markets.

Figure Technology Solutions aims to revolutionize financial services by leveraging blockchain for enhanced efficiency and reduced costs across various segments, including lending and capital markets. However, major global banks such as JPMorgan Chase (with its Onyx platform), BNY Mellon, and Goldman Sachs are not merely observing this shift; they are actively investing and developing their own DLT initiatives. These initiatives focus on areas like tokenized deposits, digital assets, wholesale payments, and interbank transactions. With their vast capital, deep-rooted client relationships, comprehensive regulatory expertise, and established market dominance, these incumbents pose a significant emerging threat. They possess the resources to rapidly adopt and scale DLT solutions, potentially capturing market share and establishing proprietary DLT ecosystems that could limit Figure's ability to become the leading blockchain-based financial infrastructure provider. This scenario mirrors historical instances where established players, once challenged by disruptive innovators, leveraged their scale to integrate new technologies and maintain or expand their market position.

• Consumer Lending (U.S. Mortgage Origination & Home Equity Loans):
  • The total U.S. mortgage origination volume is expected to increase to $2.3 trillion in 2025. Other forecasts suggest a reach exceeding $2 trillion by 2026. The U.S. mortgage market showed signs of recovery in Q3 2025, with originations climbing 8.8% year-over-year. Total mortgage balances across U.S. consumers climbed to $12.7 trillion in Q3 2025.
  • Americans owe $411 billion on 13.18 million home equity lines of credit (HELOCs). Figure estimates its addressable market across lending and capital markets at approximately $185 billion in annual revenue potential, based on consumer credit originations and marketplace trading. The U.S. home equity market is approximately $35 trillion, with Figure having funded over $16 billion in loans, making it the largest non-bank originator of HELOCs in the U.S.
• Loan Origination Software:
  • The global loan origination software market was valued at $5.87 billion in 2024 and is projected to grow to $10.3 billion by 2029 at a compound annual growth rate (CAGR) of 11.9%. Another report valued the global market at $4.8 billion in 2022, projected to reach $12.2 billion by 2032. North America was the largest region in the loan origination software market in 2024.
• Blockchain Finance & Asset Management (including Tokenization and Digital Asset Marketplaces):
  • The global blockchain finance market size was valued at $792.3 million in 2022 and is projected to reach $79.3 billion by 2032, growing at a CAGR of 60.5%. North America dominated the blockchain finance market in 2022.
  • Figure estimates the asset tokenization market could reach $16 trillion globally by 2030.
  • The global digital asset trading platform market size was valued at $2.49 billion in 2023 and is expected to reach $10.99 billion by 2033, growing at a CAGR of 16.01%.
  • The global digital asset management (DAM) market was valued at $7.73 billion in 2024 and is projected to reach $31.99 billion by 2033, exhibiting a CAGR of 15.26%. North America holds the largest share, at over 32.8% in 2024.
• Crypto-Backed Lending & Stablecoins:
  • The global crypto lending platform market size was $9.03 billion in 2024 and is expected to grow to $21.19 billion by 2029 at a CAGR of 18.7%. North America was the largest region in the crypto lending platform market in 2024.
  • The global crypto-backed lending market size reached $7.8 billion in 2024 and is forecasted to reach $62.6 billion by the end of 2033, registering a CAGR of 22.6% from 2025 to 2033. North America dominates this market.
  • Figure estimates the stablecoin market could approach $5 trillion globally by 2030.
  • The global Bitcoin Loan Market size was valued at $8.89 billion in 2024 and is projected to grow to $59.44 billion by 2031, exhibiting a CAGR of 31.2%. North America leads this market.

Here are 3-5 expected drivers of future revenue growth for Figure Technology Solutions (FIGR) over the next 2-3 years:

1. Expansion and Adoption of Figure Connect: Figure Connect, the company's new marketplace, is anticipated to be a primary driver of future revenue growth. Analysts expect it to contribute approximately 75% of Figure's total revenue growth from 2024 through 2027. This platform operates as a capital-light marketplace, facilitating the direct matching of loan originators with institutional buyers, which enhances scalability and profit margins. Figure Connect's volume scaled significantly from 0% of 2024 volume to 42% in the second quarter of 2025, with projections to reach 55% by 2027.
2. Market Share Gains in Home Equity Line of Credit (HELOC) and Total Addressable Market (TAM) Expansion: Figure Technology Solutions is already a leading non-bank provider of HELOCs, holding over 70% market share in tokenized private credit. The company is expected to continue gaining market share within its core HELOC product. Beyond HELOCs, Figure aims to expand its total addressable market by venturing into other consumer loan products, leveraging its efficient blockchain-enabled origination and sales processes.
3. Leveraging Blockchain Technology for Efficiency and New Offerings: Figure's proprietary Provenance blockchain underpins its growth strategy by enabling faster, cheaper, and more scalable loan origination, providing a structural cost advantage over traditional lenders. This technology also supports Digital Asset Registration Technologies (DART) for asset custody and lien perfection. The increasing adoption of these blockchain solutions allows Figure to transition to a more capital-light business model through platforms like Figure Connect, thereby driving revenue and profit growth.
4. Growth of Recently Launched Products and Services (Democratized Prime and $YLDS): Figure's ecosystem includes rapidly growing components such as Democratized Prime, an on-chain lend-borrow marketplace, and $YLDS, an SEC-registered yield-bearing stablecoin that functions as a tokenized money market fund. These newer offerings are expected to contribute to the company's revenue expansion by diversifying its product range within the blockchain-native capital marketplace.

• Figure Technology Solutions completed its Initial Public Offering (IPO) on September 11, 2025, raising $787.5 million by selling 31.5 million Class A common shares at $25 per share.

• In February 2025, Figure Technology Solutions formed a joint venture with Sixth Street, which committed $200 million in equity to Figure Connect to provide ongoing liquidity for private credit assets, including home equity lines of credit (HELOCs).
• The company entered into a financing agreement with Victory Park Capital (VPC) in May 2025, which included the sale of the industry's first pool of Crypto-Backed Loans, accelerating Figure's Crypto-Backed Loan business.
• Figure Technology Solutions raised hundreds of millions in venture capital funding since its establishment in 2018, with a 2021 venture-backed round valuing the company at $3.2 billion.

• Proceeds from the IPO are expected to accelerate research and development in AI-enhanced underwriting, expand digital asset offerings, and strengthen partnerships with institutional investors.
• The IPO also serves as a strategic move to scale the company's blockchain infrastructure and facilitate expansion into new markets.