Figure Technology Solutions (FIGR), the blockchain firm led by former SoFi CEO Mike Cagney, is taking on mortgage giants Fannie Mae and Freddie Mac in the first-lien market.
Speaking at Consensus, Cagney cited origination costs of just $1,000 on Figure's blockchain platform compared to $11,000 through the government-sponsored enterprises. The company says its HELOC applications are approved in 5 minutes and loans funded in 3 days, versus the industry standard of 30-45 days.
The platform also offers originators a guaranteed buyer for their loans-the same role Fannie and Freddie serve. Figure is targeting the sub-$300,000 loan segment, where the fee structure supporting smaller GSE-channel loans is less viable.
Beyond mortgages, Figure's HELOC tokens have become the ninth-largest crypto asset on public blockchain by market value, recently passing Dogecoin (DOGE). However, this figure is disputed: DeFiLlama founder 0xngmi argues that Figure's claimed $12 billion in tokenized real-world assets is not verifiable on the Provenance chain.
Figure's business model is shifting away from balance-sheet lending toward a marketplace model, with adjusted EBITDA margin improving from 30% to 55% in 2025. The company guided to 80-85% over the next 1-2 years.
Revenue reached $339 million in 2024 and $510 million in 2025, with sell-side estimates of $650-680 million for 2026. In March, Figure crossed $1 billion in monthly originations for the first time.
Cagney also announced talks with Consensys' MetaMask to integrate Democratized Prime, the firm's DeFi protocol for lending against onchain mortgage and auto collateral. Figure also completed a second listing on its blockchain-native equity venue OPEN, alongside a $150 million secondary offering.