Figure Technology Solutions Inc (FIGR) is a financial technology company that originates, sells, and securitizes home equity lines of credit (HELOCs) and provides loan origination system (LOS) technology to lending partners. Revenue comes from origination fees calculated as a percentage of a customer's initial loan balance, servicing fees based on a contractual percentage of outstanding principal under management, securitization arrangement fees, and technology and ecosystem fees earned through its Figure Connect platform. The company operates two primary channels: a Figure-branded direct channel and a partner-branded wholesale broker channel. Figure Technology Solutions was formed through a recombination on August 29, 2025, when Figure Markets Holdings (FMH) became a wholly-owned subsidiary of Figure Technology Solutions Inc (formerly Figure Technology Inc, FTI), with FTI redomiciled to Nevada in May 2025. Michael Cagney is the controlling shareholder. As of December 31, 2025, the company held $1.3 billion in cash, cash equivalents, and restricted cash, and carried loans held for sale at fair value of $404.3 million.

Revenue model

Origination fees (percentage of initial loan balance, recognized at funding), servicing fees (contractual percentage of outstanding principal, charged monthly), securitization arrangement fees (percentage of transferred HELOC principal balance, earned at closing), and technology and ecosystem fees from the Figure Connect LOS platform.

Products and services

HELOC origination and servicing; Figure Connect loan origination system (LOS) technology platform offered to lending partners; digital asset exchange and interest-bearing stablecoin deposits (through FMH subsidiary).

Customers and end markets

Individual homeowners seeking home equity financing; partner lenders and wholesale brokers using the Figure Connect LOS platform; third-party loan owners for whom the company provides loan servicing. End market is driven by home equity balances and a borrower population holding low fixed-rate first-lien mortgages for whom cash-out refinancing is less attractive.

Value-chain role

Originator, servicer, and securitizer of HELOC loans; technology provider of LOS infrastructure to partner lenders; acts as intermediary between borrowers and third-party loan owners.

Geographic exposure

United States (implied by HELOC product and housing market context; no specific geographic breakdown disclosed in filing excerpts).

Competitors

Banks and depository institutions, Non-bank mortgage lenders, Retail-based lenders, Other financial technology lending platforms, Credit card issuers

Source: SEC 10-K, filed 2026-03-16

Industry: Loan Brokers