Figure Technologies Pushes Deeply Into Tokenization with Blockchain-Based Capital Markets Platform
Figure Technologies, a home equity lender, made a strong case at the Goldman Sachs Communacopia + Technology Conference that it's evolving into a blockchain-based capital markets platform. The company is pushing deeper into tokenization and has seen over 100% revenue growth in recent quarters.
Figure CEO Michael Tannenbaum said the company is building on its core identity, shifting from direct lending to a more exchange-like model for real-world assets. He emphasized the importance of partner-led origination and tokenization, which he believes will drive growth and profitability.
The company highlighted several key areas of focus, including Figure Connect, a marketplace that now accounts for 65% of volume with a near-term target of 70%. This model is expected to bring in higher volume and stronger economics over time. Tannenbaum noted that the company's cost advantage has been significant, cutting mortgage origination costs from around $12,000 to under $1,000 and reducing processing time to about five days.
Figure also touched on its acquisition of Kiavi, which brings fix-and-flip and DSCR lending capabilities. The company expects this deal to contribute around $100 million in EBITDA within four years and sees significant potential for growth.