Figure drew renewed attention across crypto credit markets on Friday after delivering one of its strongest quarterly performances to date, fueled by rapid expansion in tokenized loan originations through its partner driven marketplace channels. Analysts tracking the company said the third quarter numbers showed a meaningful acceleration in the platform’s blockchain based credit model, with revenue and profitability easily surpassing expectations as partner channels absorbed a larger share of loan flow. The firm posted adjusted revenue of roughly one hundred fifty six million dollars, far above the range analysts had projected, while adjusted EBITDA came in near eighty six million, reflecting the impact of higher take rates and growing volumes. Traders following tokenization plays said the beat strengthened confidence that blockchain enabled origination frameworks are beginning to scale beyond niche usage, particularly within home equity lending. Figure has now emerged as one of the most active originators of consumer lending through tokenized rails, leveraging its Connect platform to drive both throughput and distribution diversity.
Loan originations rose sharply in the quarter, climbing to around two point five billion dollars, with home equity lines making up the bulk of activity. While the HELOC segment historically benefits from seasonal strength, analysts noted that Figure’s year over year consumer loan growth far outpaced the broader industry. Newer categories such as crypto secured loans, debt service coverage loans and small business loans added incremental volume, signaling early adoption of tokenized credit products outside the firm’s flagship vertical. Partner originated loans continued to dominate the mix, accounting for roughly seventy six percent of total activity, with the Connect marketplace responsible for a growing share of that pipeline. Connect volumes rose nearly fifty percent from the prior quarter, reaching an estimated one point one billion dollars. Strategists said the platform’s rising share shows how quickly institutions are integrating tokenization into traditional lending workflows, a trend that appears to be accelerating as more partners join.
Improving unit economics played a central role in the company’s profitability surge. Take rates on partner branded and intermediated loans increased to about four point two percent, while take rates on Figure branded loans rose to roughly seven point one percent, supporting a jump in EBITDA margins to nearly fifty five percent. Analysts noted that operating expenses grew at a slower pace than revenue, strengthening the platform’s leverage as volumes scale. The partner ecosystem grew significantly as well, expanding from around one hundred seventy members to more than two hundred forty members in a single quarter, while the number of active marketplace participants increased across Connect. Despite strong progress in its broader decentralized finance stack, analysts said areas such as the firm’s stablecoin ecosystem remain early stage in terms of revenue impact. With a price target that implies more than fifty percent upside from recent levels, analysts continue to view structural growth in tokenized loan origination as the core driver of Figure’s long term momentum.
