Figure Technology Solutions, the blockchain-native lending platform co-founded by Mike Cagney, said Thursday that second-quarter profit nearly tripled as activity across its consumer loan marketplace more than doubled.
The company said its net income increased 192% to $87 million from $30 million during the same period a year ago.
Volume on its Consumer Loan Marketplace volume rose to $4.3 billion in the quarter, a 132% increase year-over-year.
That included $2.8 billion in volume through Figure Connect, the company’s blockchain-based marketplace through which third-party loan originators sell loans to institutional investors.
Figure’s Consumer Loan Marketplace includes originations of home equity lines of credit, debt-service coverage ratio loans and personal loans through its loan-origination system, as well as third-party loans traded through Figure Connect.
