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Figure

“Can Figure become the blockchain-native capital markets infrastructure layer for consumer and real-estate lending, monetizing both its own loan originations and embedded-lending products sold to third-party partners?”

Founded2018
HQNew York, NY
Total raised$1.5B (venture and debt, per Crunchbase)
Latest roundIPO (Nasdaq: FIGR)
Valuation~$5.4B market cap at close of first trading day
IndustryFintech / Lending
The story

Founded in 2018 as a blockchain-based home equity lender, Figure built its own distributed ledger (Provenance Blockchain) to originate and trade mortgage loans with dramatically lower settlement times. Over time it expanded from HELOCs into student loan refinancing, crypto-backed loans, and a DSCR investment-property platform. The IPO in 2025 and partnership deals with institutional credit funds like Victory Park Capital signal a pivot toward becoming a blockchain-powered capital-markets platform, selling embedded lending infrastructure to third-party mortgage and real-estate lenders.

Last 12 months
2025-05
2025-10
2025
Product timeline
2018
Figure founded as a blockchain-based fintech platform focused on home equity lending.· lending
2021
Raised $200M Series D at a $3.2B valuation, scaling blockchain-based mortgage and HELOC origination.· lending
2023
Launched Figure Markets, a crypto trading and investing platform, and expanded into crypto-backed loans.· lending
2024
Filed for IPO and secured Series B financing; expanded embedded partner programs for mortgage products.· ipo
2025
IPO on Nasdaq (FIGR), raising ~$787.5M; launched AI-powered DSCR loan platform with embedded partners West Capital and Axen; secured first institutional sale of crypto-backed loans with Victory Park Capital.· ipo
Regulated entities
Lending
US
Figure Lending LLC dba Figure
Payments
US
Figure Payments Corporation
The stack
Lending
Home Equity Line of Credit (HELOC)Student loan refinancingCrypto-Backed Loan (Bitcoin, Ethereum, Solana)DSCR investment-property loanEmbedded HELOC (via wholesale/partner channel)Embedded DSCR loan (via West Capital, Axen)
Accounting gap: none