On-Chain Lender Figure Reports $226 Million in Q2 Revenue, Up 113% From a Year Earlier
Summary
- Figure said second-quarter net revenue reached $226 million, up 113% from a year earlier.
- It reported net income of $87 million in the second quarter, while EBITDA rose to $119 million, more than doubling from a year earlier.
- Consumer lending growth continued, with $4.3 billion in transaction volume in the second quarter, including $2.8 billion through Figure Connect.
Forecast Trend Report by Period
Figure, an on-chain lending platform, more than doubled its second-quarter revenue from a year earlier.
CoinDesk reported on August 13 that Figure's net revenue for the quarter rose 113% from a year earlier to $226 million.
Net income climbed 192% to $87 million. Diluted earnings per share came in at $0.35. Adjusted EBITDA rose to $119 million, more than doubling from the same period last year.
Growth in consumer lending drove the improved performance. Figure's transaction volume totaled $4.3 billion in the second quarter, up 132% from a year earlier.
Figure Connect, which links lending companies with investment capital, handled $2.8 billion in volume. That accounted for about 65% of total consumer lending volume.
Figure added 102 lending partners in the second quarter, bringing its total to 489. Chief Executive Officer Michael Tannenbaum said last month weekly loan applications exceeded $1 billion.
Figure operates a platform that connects loan products from banks and fintech companies with investors. It uses blockchain technology for loan origination, funding and transactions.
