Figure Q4 Volume Climbs 131% to $2.7B with 50% Connect Usage
Figure reported Q4 consumer loan marketplace volume of $2.7B (+131% YoY), adjusted net revenue of $158M (+106%), and adjusted EBITDA of $81.3M (+426%), while cash reached $1.2B and board authorized $200M share repurchase. Over 50% of volume flowed through Figure Connect for first time, with first-lien mortgages rising to 19%.
1. Financial Results and Capital Moves
Figure closed Q4 with $2.7 billion in consumer loan marketplace volume, up 131% year-over-year, driving adjusted net revenue of $158 million (+106%) and adjusted EBITDA of $81.3 million (+426%). The company held $1.2 billion in cash and authorized a $200 million share repurchase program, reinforcing its capital-light strategy.
2. Connect Adoption and Product Expansion
Over half of Q4 volume transacted through Figure Connect for the first time, reducing reliance on balance-sheet intermediation and supporting more durable margins. Management highlighted a new auto finance partnership with Agora expected to bring tens of millions in volume, $46 million in SMB loan originations (double prior period), and first-lien mortgages rising to 19% of originations.
3. Blockchain Ecosystem Acceleration
Democratized Prime matched offers grew nearly 10x QoQ from $20 million to over $200 billion, with more than 1,000 active participants and cross-chain access via Solana. The YLDS stablecoin supply reached $328 million, and the OPEN marketplace launched 24/7 on-chain share trading with atomic settlement and programmable collateral features.