Company Overview
About Figure Technologies
Figure Technologies is a San Francisco-based financial technology company founded in 2018 by Mike Cagney and June Ou that operates as the leading non-bank home equity line of credit (HELOC) lender in the United States. Figure uses blockchain technology — specifically the Provenance Blockchain, which Figure co-developed — as its core loan origination, settlement, and marketplace infrastructure. This blockchain-native architecture enables Figure to originate, close, and fund HELOCs in as few as five days through a fully digital application process, compared to the four to six weeks required by traditional bank HELOC lenders. Figure''s streamlined digital-first model passes efficiency gains to borrowers in the form of competitive rates and faster access to their home equity.
Business Model & Competitive Advantage
Figure went public on Nasdaq under the ticker FIGR in September 2025 at a valuation of approximately $7.6 billion. The company had originated more than $17 billion in lifetime home equity lending by mid-2025, including approximately $6 billion in the twelve months ending June 2025 — a 30% year-over-year increase. In August 2025 Figure merged with its former subsidiary Figure Markets, bringing together home equity lending, crypto asset trading, and yield-generation products into a unified platform on the Provenance Blockchain. Figure Connect, the company''s loan marketplace where institutional investors purchase HELOC-backed securities, processed $1.3 billion in its first year.
Competitive Landscape 2025–2026
Figure competes with traditional bank HELOC lenders (Wells Fargo, Bank of America, Chase), non-bank lenders, and fintech mortgage companies including Better.com and LoanDepot. Its differentiation lies in the fully digital application experience, faster funding timelines, blockchain-based loan origination and secondary market efficiency, and the growing Figure Connect marketplace that provides institutional liquidity for its loan production.
Key Differentiators
Market Leader
Figure Technologies is recognized as a market leader in the Financial Services sector, demonstrating strong industry presence and customer trust.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
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