Finance
What to know:
- Well, slap my knee and call me surprised! Figure, a blockchain outfit with a name as plain as a Missouri mule, is fixin’ to take on them mortgage giants Fannie Mae and Freddie Mac. Reckons it can slash origination costs by a whopping 91% using its fancy blockchain contraption.
- They’re promising HELOC approvals faster than a jackrabbit on a hot tin roof (5 minutes!) and funding quicker than a catfish can wiggle out of a net (3 days). Aiming for them modest folk with loans under $300,000.
- Figure’s got its eyes on a marketplace model, claiming it’ll be swimming in profits like a pig in slop, with EBITDA margins of 80-85%. All while cozying up to ConsenSys’ MetaMask for some DeFi protocol hoedown.
Now, Figure Technology Solutions (FIGR), headed by that SoFi fella Mike Cagney, is aiming its sights at the first-lien mortgage market, a territory as vast as the Mississippi Delta. Cagney, at that Consensus Miami shindig, was crowing about origination costs of a mere $1,000 on their blockchain platform, compared to the $11,000 those GSEs (that’s government-speak for Fannie and Freddie) are charging.
Their pitch is all about speed and savings. HELOC applications approved quicker than you can say “Mark Twain,” and loans funded faster than a riverboat gambler can lose his shirt. And get this, they’re guaranteeing a buyer for those loans, just like Fannie and Freddie do, but with a blockchain twist.
The first-lien market, mind you, is a whopper – 25 times bigger than Figure’s current HELOC business, which is already partnered with 308 originators, according to Cagney.
Cagney says they’re targeting the sub-$300,000 loans, ’cause the fees that keep those smaller GSE loans afloat don’t hold water at Fannie and Freddie’s cost levels. Sounds like he’s calling their bluff!
Now, Cagney’s also boasting about Figure’s HELOC tokens being the ninth-largest crypto asset on the blockchain. But there’s a bit of a dust-up about that. Some fella named 0xngmi, founder of DeFiLlama, says Figure’s $12 billion in tokenized assets ain’t exactly visible on their Provenance chain. He’s only seeing a few million in BTC, ETH, and some YLDS stablecoin. DeFiLlama’s got Figure’s TVL at a measly $140 million and ain’t buying the bigger number.
Regardless of that squabble, Figure’s margins are looking mighty fine, thanks to a shift away from balance-sheet lending. Their adjusted EBITDA margin jumped from 30% to 55% in 2025, and Cagney’s predicting 80-85% in the next year or two. Revenue’s been climbing too – $339 million in 2024, $510 million in 2025, and analysts are predicting $650 to $680 million for 2026. Figure even crossed $1 billion in monthly originations back in March.
Cagney’s also yapping about talks with Consensys’ MetaMask to integrate their Democratized Prime protocol, which lets folks borrow against onchain mortgage and auto collateral. And they’re listing on OPEN, their blockchain equity venue, with a $150 million secondary offering to boot.
Well, color me intrigued. Figure’s certainly stirring up the mortgage pot. Whether they can lasso those costs and ride off into the blockchain sunset remains to be seen. But one thing’s for sure, it’s gonna be a wild ride.
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2026-05-05 20:18