@Figure (FIGR) executive chair, @TheWallet_co employee. Co-founder of Figure, @Provenancefdn, @SoFi and TheWallet_co. Views are my own, not investment advice.
Las Vegas
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Mike Cagney 🇺🇸 retweeted
AI doomsayer's wild life with OnlyFans star includes birthday sex parties, extreme kinks and 'Slutcon' trib.al/jrmDvIA
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While I'm disappointed, @Figure built it's business without the Clarity Act and doesn't need it to continue to execute on its strategy. My disappointment is more for the industry, at large.
But on to more interesting things... If we were to stand up a security prediction market (e.g., FIGR will close above $40 on Friday), what tickers would you want to see - assuming we're limited to 10 (+ FIGR/FGRS)?
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Blockchain - and DeFi specifically - is a fundamentally better framework for asset-based finance (ABF). No double pledging, direct security perfection, self custody/autonomous venues and liquid collateral. And ABF is showing up on chain (led by @Figure), it's just nascent.
So why hasn't the $6T ABF market moved over in size? Five key reasons that are keeping TradFi away from blockchain apps.
First, the UI/UX. It generally sucks. This is why superapps like Robinhood (and SoFi) are winning in retail, despite giving up self custody and transaction autonomy. Even my Bloomberg terminal is better than most blockchain native apps.
Second, custody. Threading self custody with qualified custody hasn't historically been available. Making it hack-resistant and recoverable hasn't, either.
Third, control. A hedge fund might have hundreds of wallets. Those wallets might have hundreds of users. Those users all might have different permissions - some can trade, some can move value, some can only view things. All activity needs an audit trail, and all data needs to be easily ported to a fund admin, fund accountant, etc. I've seen wallets and apps claim this, but have never actually seen it.
Fourth is regulatory. I think this is already working itself out - and when you are dealing with securities (actual native securities) I think the regulatory precedent is clear, despite being on chain. Hopefully some combination of the CLARITY Act, regulatory guidance and time addresses this.
The last is KYC. This one is more solvable than people think. We've been able to screen and sanction wallets forever, and on-chain activity is more transparent than anything moving through correspondent banking. The fair critique of list-based controls is that sophisticated actors route around them while ordinary users eat the friction. On chain you can do better than lists: programmatic screening, wallet-level permissions, complete audit trails. TradFi will come to embrace this.
I'm working with Figure and other partners of @TheWallet_co to solve the first three and accelerate the fourth. Just like we dragged the funds and banks into loans on chain, we're going to do the same for the broader TradFi market - retail and institutional - into ABF.
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5 securitizations. 5 weeks. $1.7 billion in HELOC-backed bonds priced. That’s 16 in 2026 totaling $5.7 billion. @Figure killing it in the ABS space. Next step: issuing bonds on blockchain and providing backleverage on DeFi.
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Kiavi deal is closed. Adds even more fuel to @Figure's growth.
globenewswire.com/news-relea…
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I'm a last minute add to the @rwasummit this week in Brooklyn. I am the last to speak on the 2nd - hopefully a few of you will stick around until then! I'll be talking about @Figure's use of blockchain, and my new effort (The Wallet Co) to solve DeFi's biggest problem.
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Somehow I missed this back in June - good to see more mortgage adoption on @provenancefdn. Congrats @NUVAFinance and Black Lake - you are using the right L1.
theblock.co/news/ecosystems/…
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A fun listen. And when we left the meeting with Softbank we didn't get in an accident. I ran over a curb. I don't know if @MBTannenbaum actually forgot or was trying to cover for my driving.
New @ThePeelPod with @MBTannenbaum
Employee #1 at Brex. Founder of the modern billboard ad.
We talk joining Brex when they were in a kitchen, almost walking away right before the launch, scaling to $300M+ revenue, the time Masa offered him a billion dollars, why you should take the hardest job available, and how he’s learned to think like a founder at Sofi, Brex, and taking Figure public as CEO.
Timestamps:
0:00 From Brex employee #1 to public-company CEO
1:28 Operating vs managing a career
3:23 Why he took the worst business at SoFi
7:34 The Big Rock framework
11:01 How to get real customer feedback
14:56 The best nose for value in fintech
17:46 Why banking the affluent beats down-market
21:11 What Figure is, and $1,000 vs $12,000
25:41 How blockchain kills double-sold-loan fraud
26:59 Do you actually need to use blockchain?
28:06 Why memecoins took over crypto
30:46 Masa's billion-dollar offer
36:29 Leaving SoFi for two kids in a kitchen
38:25 Look for a hair-on-fire problem
41:20 Six months from quitting to a unicorn
44:10 The finance guy who ran Brex's marketing
46:20 Inside Brex during the SVB collapse
51:16 The two SoFi insights behind Figure
54:46 From direct-to-consumer to marketplace
56:41 AI can’t get you better credit ratings
58:56 Figure is a modern Fannie Mae
1:00:26 Not everyone wants tokenization
1:01:31 Buyers who commit before the loan exists
1:04:06 Following customers into first-lien mortgages
1:06:41 Buying Kiavi, the fix-and-flip leader
1:12:26 Why more fintechs don't become marketplaces
1:14:46 The AI risk in outsourcing customer acquisition
1:18:26 What going public actually takes
1:20:16 Life as a public-company CEO
1:22:51 Getting shorted
1:24:11 The gas station test
1:25:46 The reverse pyramid of big corporates
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Operating leverage is a concept missing in many blockchain businesses. Not here.
M0xt: $FIGR's revenues grew 95% year-over-year while EBITDA grew 126%.
"For every one single dollar of revenue they are making more profits and so that's the operating leverage."
"That's what I love here."
FT @m0xt_ @BitcoinJesusETH @Figure @Securitize.
Follow for more: @milkroaddaily
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Big news re: @Figure's $YLDS - it is now accepted collateral on @markets_edx. We appreciate the EDX team's leadership here.
I think more exchanges will follow suit. Traders sacrifice a lot in taking the cash drag from posting non-yielding stables as collateral.
The reason this has taken longer than we expected is that we didn't account for the fact that the other large stablecoin issuers pay the exchanges to take their coins as collateral. YLDS pays you, the trader. I think EDX as a first mover will open up this market more broadly to the benefit of all traders.
prnewswire.com/news-releases…
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Mike Cagney 🇺🇸 retweeted
And it's 20 partners as of today ... we are moving!! @ryanghicks crushing it here
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Yesterday we crossed $100M in loan sale proceeds settled in $YLDS.
The old way: sell loans, wait 2 to 3 weeks for funding to hit. Now: 1 day. A 95% reduction in time to cash.
And because $YLDS pays interest, the money earns from the moment it lands. Our partners have collected over $100K in interest this year just by holding their own sale proceeds.
17 partners on board. Faster to cash, and the cash works while it sits.
This is the power of @Figure's marketplace.
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We've kicked off The Wallet Co, a mobile app that pairs the usability of modern fintech with self custody and blockchain native products. I'm excited to announce the initial team soon.
One role we still need to fill: operations and compliance. And this is not a typical ops/compliance hire.
First, why this is a big opportunity. The team behind The Wallet Co founded SoFi and Figure. We put the first consumer loans on blockchain, originated nearly $30 billion, launched the first SEC registered interest bearing stablecoin, and listed the first public equity on chain. The Wallet Co is the consumer layer on those rails: yielding cash you can spend, real world asset yield no bank can match, securities prediction markets, and an AI agent in every wallet. Money is moving on chain. The app that makes that usable for normal people, without giving up custody of your assets, is a generational product. That's what we're building.
Now the role. Ops and compliance scale linearly with volume. Double the customers, double the KYC reviews, the transaction alerts, the reconciliations, the support escalations, the headcount. Every fintech accepts this. I don't want to.
The mandate is to run both functions the traditional way on day one, and then systematically hand the repeatable work to AI. Alert triage, document review, reconciliation, regulatory change tracking, audit prep, vendor monitoring. Build the playbook by hand, teach agents to execute it, and reserve human judgment for the decisions that genuinely require it. Accountability always stays with a person. Leverage is the goal, not replacement.
What you need: real experience across both sides of the house. On compliance, KYC/AML, state licensing, and audit. On operations, payments and money movement, customer onboarding, reconciliation, and bank and vendor partner management. Enough scar tissue to know what can never be automated. And a builder's instinct, because the honest job description is to make your own job smaller every quarter. Most careers in this function reward growing a team. This one rewards shrinking the work.
If we get this right, ops and compliance cost scales like software while volume scales like a marketplace. That's a moat, and you'd own it from day one, with founding team equity.
DM me if this sounds like you, or tag someone I should reach out to.
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Great quarter.
$FIGR Q2 Earnings: Rule of 150 , yes you heard right , not rule of 40 or rule of 70 , it’s Rule of 150. Probably one of the strongest FinTech quarters 👇
Figure just delivered its strongest quarter ever, and the growth + margins are impressive.
🔹 Consumer Loan Marketplace Volume: $4.3B, +132% YoY
🔹 3rd consecutive quarter of 100%+ growth
🔹 Net Revenue: $218M, +95% YoY
🔹 Adj. EBITDA: $119.4M, 55% margin
🔹 Net Income: $87.4M, nearly 3x YoY
🔹 Net Income Margin: 38.8%
🔹 Figure Connect: 65% of volume vs 42% YoY
🔹 Origination Partners: 489, adding 102 in Q2 alone
This is basically a Rule of 150 business right now — 95% revenue growth + 55% Adj. EBITDA margin. 🔥
What I really like is the shift toward Figure Connect.
Connect carries a lower take rate, but it is more capital-light and highly profitable. Figure is increasingly becoming the marketplace connecting loan originators directly with institutional capital rather than relying on its own balance sheet.
And the flywheel appears to be accelerating.
Weekly applications crossed $1B for the first time in early July, while the loan buyer base has expanded from roughly 3 in 2023 to 100+ today.
Credit quality also remains strong:
🔹 Avg FICO: 756 YTD, up from 737 in 2020
🔹 Combined LTV: 62.1%
🔹 AAA HELOC securitization spreads: 255 bps → 135 bps YTD
Q3
Figure is guiding $4.8B–$5.2B of CLM volume, implying roughly 102% YoY growth at midpoint.
July already reached about $1.7B in volume, giving them good visibility into Q3.
And Figure isn’t stopping with HELOCs.
They are expanding into SMB, auto, home improvement and residential transition loans. SMB alone has already reached a $470M annualized run rate, growing 57% QoQ.
Then comes Kiavi.
Figure raised $600M through senior notes to fund the acquisition. Management expects Kiavi to add roughly $100M of EBITDA while increasing marketplace volume by around 40%.
My biggest takeaway:
$FIGR is showing that bringing lending + capital markets on-chain isn’t just a blockchain narrative anymore.
132% volume growth.
95% revenue growth.
55% EBITDA margin.
100+ institutional loan buyers.
489 origination partners.
If Figure can maintain anything close to this growth while continuing to shift volume toward its capital-light marketplace model, this can become a very interesting FinTech compounder
BTW : $FIGR is run by @SoFi $SOFI cofounder @mcagney
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Pretty sure these July numbers are all records for @Figure. $1.7B in loans. Good work!
investors.figure.com/
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I got away from the desk for a day to do this. Now back to work with a belly full of sashimi.
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As part of this effort, I'm looking to fill a few roles on this team. DM me if you or someone you know would be a fit.
Biz Dev 1 - looking for someone to sell the white label version of this application into financial services/fintech companies. You are bringing a safe and familiar way for their customers to access the unique yield and trading opportunities in DeFi, in either a stand alone form or components fitting into existing apps.
Biz Dev 2 - looking for someone to build connection to various DeFi players in lending, trading, etc. Rather than using the wallet to log onto third party protocols, you are bringing third party functionality into the wallet.
Compliance - looking for someone who can bridge tradfi and defi KYC/AML, fraud, licensing compliance, etc. You are going to become a cutting edge AI user, bringing new tech into these processes.
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