Good morning. Figure Technology Solutions reported strong revenue growth and a significant increase in profitability in its first full quarter as a public company.
“We’re creating a capital marketplace powered by blockchain,” CFO Macrina Kgil said. The company offers blockchain-recorded home equity lines of credit (HELOCs), mortgages, consumer loans, and crypto-backed loans—making Figure the leading provider in tokenized private credit and asset-backed blockchain lending.
For Q3, Figure beat Wall Street expectations. Net income surged 227% year-over-year to $90 million, the company reported on Friday. And net revenue climbed 55% to $156 million, with adjusted net revenue up 42%. Adjusted EBITDA increased 75% to $86 million, and the margin improved by 10 percentage points to 55%.
Consumer loan marketplace volume hit $2.5 billion, up 70% from the prior year. This includes $1.1 billion for the Figure Connect platform, launched in June 2024.
Figure partners with major mortgage lenders, including Rate (formerly Guaranteed Rate), many fintech and mortgage originators, and also offers direct-to-consumer HELOCs.
“We want to be broad,” Kgil said, “and work with more partners—there’s still a lot of greenfield opportunity.”
Strategic growth, innovation, and IPO momentum
Founded in 2018, Figure raised about $787.5 million on the first day of its IPO on Sept. 11 this year, pricing shares at $25 and reaching a market value of more than $6 billion, Fortune reported. Kgil, who joined the company as CFO in December 2024, oversaw the IPO that ultimately raised over $900 million, including secondary shares, with $663 million in primary proceeds, she said. FIGR closed at $40.24 on Friday.
Kgil explained that IPO funds support product innovation and expansion, including Figure’s strategy of testing new products, such as “Democratized Prime,” a decentralized finance marketplace for borrowing and lending. The capital will also support strategic acquisitions to drive organic growth.
Interest in the IPO exceeded expectations. “Investors are excited by our story and innovation,” said Kgil, who previously served as head of finance at Flow, CFO of Springleaf, now called One Main, and CFO of Blockchain.com and Blockchain Ventures Fund.
Figure has been GAAP profitable since 2024, with its adjusted EBITDA margin continuing to grow. Looking ahead, the company is expanding its decentralized finance (DeFi) platform, to allow participants to trade private credit loans and crypto, Kgil said. Figure plans to support trading of other assets, including equities, on its marketplace.
With growing profits and a focus on innovation, Figure has set its sights on shaping the future of lending—and redefining the possibilities for finance on blockchain.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Jacob Dalaya was promoted to EVP and CFO of Capital Bancorp, Inc. (Nasdaq: CBNK) and Capital Bank, National Association, effective immediately. Dalaya was previously chief strategy officer, where he oversaw the acquisition of IFH. Before joining Capital Bank, he was a managing director at Webster Financial Corporation and held several leadership roles at Sterling Bancorp. Earlier in his career, he was a VP of the investment banking division of Keefe, Bruyette & Woods.
John T. Saunders was promoted to SVP and CFO of ETHZilla Corporation (Nasdaq: ETHZ), a technology company connecting traditional finance with decentralized finance (DeFi). Before joining ETHZilla in August 2025, Saunders was the senior vice president of finance, capital markets at Bridger Aerospace. Saunders also previously served as CFO of Ascent Vision Technologies, LLC, where he managed its sale to CACI International in 2020. He later led the integration of Ascent into CACI International.
Big Deal
Udemy, an online learning platform, has released a report revealing that while workers recognize AI will likely transform society, most aren’t preparing for how it will impact their jobs. The research, based on a YouGov survey of 4,757 adults (including both employed and job-seeking individuals) across the U.S., U.K., India, and Brazil, shows a trend of “training avoidance” in Western countries. For example, the U.K. has the highest rate, with 55% pursuing no AI training, followed by the U.S. at 47%.
In the U.S., nearly half of respondents see AI’s productivity benefits at work, but only 21% have completed employer-provided training, and just 14% feel they have sufficient AI skills. Workers who use AI tend to adopt it mostly for personal use (81%), compared to work (38%) or education (37%), even though only 2% of those who have used AI at work report negative experiences, according to the report.
Going deeper
"The hidden link between talent shortages and rising M&A activity" is a new episode of Wharton’s This Week in Business podcast. Wharton management professor Exequiel Hernandez discusses new research, co-authored with Britta Glennon, showing that limits in the H-1B visa program are prompting companies to pursue targeted M&A activity as a strategic response to skilled labor shortages.
Overheard
“Empowering more employees with access to structured trading frameworks can help align a company’s financial planning needs with those of individual employees.”
—Joshua Shek, executive director at Morgan Stanley, writes in a Fortune opinion piece. Shek, head of the Retail 10b5-1 desk and COO of the Executive Financial Services department, says this approach offers a more holistic strategy for personal financial well-being and corporate growth.
