How Figure turned a lending business into a financial network

Figure is evolving from a direct lender into a massive financial infrastructure provider, recently hitting a milestone of $1 billion in loan applications per week. For retailers and operators, especially those in the home improvement and high-ticket space, this signals a shift in how consumer credit is funded and approved. Figure’s core product remains the Home Equity Line of Credit (HELOC), but they have moved toward a 'marketplace' model. Instead of just lending their own money, they use blockchain technology to help other banks and credit unions offer financing more efficiently. This growth is important for businesses that rely on customers tapping into home equity to fund large projects. Figure’s technology allows for incredibly fast approvals—sometimes in minutes rather than weeks—by automating the valuation and verification process. As they expand their network, more regional banks are likely to adopt this technology. This means your customers will have broader access to fast, tech-driven equity financing that doesn't require a traditional, slow-moving bank branch experience. The company's goal is to become the underlying 'plumbing' for the lending industry, potentially lowering the cost of capital and increasing the speed of funding for consumer loans across the board.

Source: Tearsheet

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