Company Overview: Figure Technologies Inc. in the United States
Figure Technologies Inc., initially known as Figure Technology Solutions, Inc., has rapidly emerged as a prominent player in the United States financial technology sector since its founding in 2018. Incorporated in Delaware, the company was established by industry veterans Mike Cagney and June Ou, both known for their prior work in the fintech space. Figure recently marked a significant milestone by filing a Form S-1 registration statement with the SEC in August 2025 for an anticipated Initial Public Offering (IPO) on Nasdaq, under the ticker symbol FIGR. This move underscores its ambition and growth within the competitive American market.
At its core, Figure operates a distinctive business model powered by the Provenance Blockchain, a proprietary end-to-end platform. This innovative infrastructure supports the entire loan lifecycle, from origination and securitization to secondary trading of real-world assets, such as home equity lines of credit (HELOCs) and crypto-backed loans. Figure serves both business-to-business (B2B) partners through its "Figure Connect" channel, which boasts over 160 integrations, and direct-to-consumer applicants via its intuitive online platforms. Leadership includes Executive Chairman Mike Cagney, CEO Michael Tannenbaum, CFO Macrina Kgil, CIO Matt Hellwinkel, COO Clare Hove, CLO Ron Chillemi, and Chief Capital Officer Todd Stevens, bringing extensive experience to steer the company's trajectory.
The company's strategic use of blockchain technology differentiates it significantly, aiming to enhance transparency, reduce costs, and accelerate processing times, which are often pain points in traditional lending. This focus has enabled Figure to achieve rapid growth, demonstrating strong profitability and industry-leading operational efficiency, particularly in its targeted niches within the United States market.
Diverse Loan Products and Competitive Terms
Figure Technologies Inc. offers a focused suite of loan products designed to meet specific financial needs for consumers across the United States. Its primary offerings include Home Equity Lines of Credit (HELOCs) and Crypto-Backed Loans, alongside a proprietary stablecoin, YLDS, which is SEC-registered and interest-bearing.
Home Equity Line of Credit (HELOC)
Figure has established itself as a leading non-bank HELOC provider in the United States. Borrowers can access up to $750,000 against the equity in their primary residence. A standout feature is the speed: approval can occur in as little as five minutes, with funding typically completed within five days. This rapid turnaround time is a significant advantage over traditional HELOC processes. Interest rates for Figure's HELOCs are available as both fixed and variable options, generally tied to the Secured Overnight Financing Rate (SOFR) plus a spread. While exact rates are detailed in S-1 filings, typical Annual Percentage Rates (APRs) range from approximately 7% to 9%. An origination fee of 0.5% to 1% usually applies, along with standard late payment fees, which are around 5% of the due amount.
Crypto-Backed Loans
For individuals holding digital assets, Figure offers crypto-backed loans, allowing borrowers to leverage their Bitcoin (BTC), Ethereum (ETH), or Solana (SOL). These loans enable borrowing up to 75% Loan-to-Value (LTV) against the collateral. A notable benefit is that no traditional credit score is required for approval. Rates for crypto loans begin from 8.91% interest, equating to a 9.999% APR at a 50% LTV, with a standard one-year term. Borrowers have flexible payment options, including interest-only payments or deferred interest. A 1% origination fee applies to crypto loans. It is crucial to understand the margin call mechanism: if the collateral's value drops below a specified maintenance LTV, a margin call will be issued, and a 2% liquidation fee may apply if collateral falls too low. Collateral is held in on-chain segregated custody, ensuring no rehypothecation.
Streamlined Application, Technology, and Reach
Figure Technologies Inc. prides itself on a fully digital and highly efficient operational model, leveraging advanced technology to provide a seamless user experience across the United States. The entire application process is conducted online, accessible via its dedicated mobile application (available on iOS and Android) or through its official website, figure.com.
Application Process and Requirements
The application journey with Figure is designed for speed and convenience. For Know Your Customer (KYC) and onboarding, the system uses automated identity verification, requiring a government-issued ID and a selfie, along with proof of address. Automated Anti-Money Laundering (AML) screening and checks against Politically Exposed Persons (PEP) and sanctions lists are standard. This robust digital verification process allows for approvals in minutes. Underwriting relies heavily on AI-driven decisioning, utilizing models powered by OpenAI’s GPT and Google Gemini. Figure’s proprietary credit models, combined with blockchain-recorded performance history, enhance transparency and risk assessment, leading to quicker and more precise lending decisions. For loan closing, an integrated e-notary service allows for remote signing, eliminating the need for in-person appointments.
Mobile App Features and User Experience
The Figure Mobile app is a central component of its user experience, offering comprehensive loan management capabilities. Users can monitor their loan status, track payments, and access detailed account analytics directly from their smartphone. The app also integrates the e-notary feature, which is crucial for completing loan documents digitally. The website, figure.com, mirrors much of the app's functionality, providing transparent dashboards for loan status and payment tracking. This digital-first approach ensures that borrowers have constant access to their loan information and can manage their accounts with ease.
Geographic Coverage and Disbursement
Figure Technologies Inc. holds the necessary licenses to operate and offer its HELOC and crypto lending products in all 50 US states and the District of Columbia, ensuring broad accessibility for American consumers. For crypto loans, Figure Markets Credit LLC also extends services internationally. Once approved, funds are disbursed efficiently through various methods, including ACH transfers, wire transfers, or checks. Crypto loans, specifically, can be disbursed in stablecoin or fiat currency. Ongoing portfolio servicing, including automated collections, margin calls, and liquidations for crypto products, is managed on the Provenance Blockchain, providing a consistent and auditable record of all transactions.
Regulatory Landscape, Market Position, and Customer Insights
Figure Technologies Inc. navigates a complex regulatory environment within the United States, maintaining a strong position in its target markets while addressing consumer feedback. Its operations are built on a foundation of robust compliance and strategic partnerships.
Regulatory Status and Licensing
Figure Lending LLC holds crucial state lending licenses, such as the California Finance Lender license and the Michigan Regulatory Loan License, alongside collection agency registrations across numerous US jurisdictions. This extensive licensing ensures legal operation nationwide. The company is subject to oversight by the Securities and Exchange Commission (SEC) for its public disclosures, especially concerning its IPO. Furthermore, its consumer finance practices are regulated by the Consumer Financial Protection Bureau (CFPB). Figure has also achieved institutional recognition, with S&P rating its first blockchain securitization (FIGRE 2025-HE3) with classes ranging from AAA to B-, highlighting the robustness and innovation of its financial instruments. As an Equal Opportunity Lender, Figure ensures fair access to credit, with transparent disclosures and robust dispute resolution mechanisms in place.
Market Position and Competitors
Figure has rapidly ascended to become the #1 non-bank HELOC originator in the United States, commanding over 75% market share in real-world asset (RWA) tokenization. This leadership position is a testament to its innovative blockchain-driven approach. In the HELOC market, Figure competes with established players like Rocket Mortgage, SoFi, and LendingClub. For crypto-backed loans, its competitors include entities such as Nexo and Genesis. The company's growth is significant, reporting $191 million in revenue for H1 2025 (+22% year-over-year) and a profit of $29 million. Its IPO raised $787.5 million at a $5.29 billion valuation, with shares surging 44% on debut to a $7.62 billion valuation. Strategic partnerships, including a multi-billion dollar joint venture with Sixth Street and financing from Victory Park Capital, further solidify its market presence and funding capabilities.
Customer Reviews and Common Issues
Customer feedback for Figure Technologies Inc. generally paints a positive picture, with a 4.8 out of 5-star rating on Trustpilot from over 3,680 reviews and an A+ rating from the Better Business Bureau (BBB). Money.com even recognized Figure as offering the best HELOC of 2025. While positive experiences often highlight the speed of approval and funding, as well as the ease of the digital process, some common issues do emerge. These include occasional technical glitches within the mobile application, payment processing delays, and, specifically for crypto loans, the volatility-driven margin calls. Despite these, Figure has successfully served over 200,000 households, unlocking $17 billion in equity. Case studies often showcase how rapid fund availability has improved customer outcomes for home renovations, debt consolidation, education expenses, or business funding using crypto loans.
Practical Considerations for Potential Borrowers
For United States residents considering Figure Technologies Inc. for their lending needs, understanding the unique aspects of its offerings is essential. As a financial expert, I offer the following practical advice to help potential borrowers make informed decisions.
First, evaluate your need for speed. If quick access to funds is a priority for a Home Equity Line of Credit, Figure’s promise of five-minute approval and five-day funding is highly competitive. Traditional HELOCs can take weeks. However, ensure you thoroughly review the specific fixed or variable rates and the origination fee, which can impact the overall cost of your loan. While the rates are generally competitive, comparing them against offers from traditional banks and other digital lenders is always a wise step to secure the most favorable terms for your financial situation.
For crypto-backed loans, the absence of a credit score requirement is a significant advantage for those with limited credit history or those who prefer not to impact their score. However, borrowers must be acutely aware of the inherent volatility of cryptocurrency. The margin call system means that a sudden drop in the value of your Bitcoin, Ethereum, or Solana collateral could necessitate adding more collateral or face liquidation. It is crucial to maintain a buffer and closely monitor your collateral’s performance. Understanding the 1% origination fee and the 2% liquidation fee for margin calls is vital before committing. Always ensure your digital assets are held in segregated custody, as Figure promises, protecting them from rehypothecation.
The digital-first approach through the mobile app and website offers convenience and transparency for managing your loan. While generally praised, be prepared for potential minor technical glitches, as noted in some customer reviews. Familiarize yourself with the e-notary process and ensure you have reliable internet access for a smooth application experience. Lastly, while Figure has a solid reputation and strong regulatory standing, always read all loan documentation carefully, including the fine print regarding late fees and any specific terms related to your loan product. By weighing the speed and innovation against the specific terms and inherent risks, particularly with volatile collateral, potential borrowers can leverage Figure’s offerings effectively for their financial goals.