Marketplace Shift Boosts Figure's Revenue

Figure Technology Solutions reported second quarter 2026 results that surpassed analyst expectations on August 13, with its stock rising accordingly. A key metric, the company's net take rate, which represents marketplace fees as a share of consumer loan volume, decreased to 3.6%. This figure landed at the lower end of its projected range, a development management attributes to the success of its growth strategy.

The company's capital-light marketplace, Figure Connect, launched in June 2024, is the primary driver behind the declining take rate. Connect now facilitates 65% of the company's consumer loan marketplace volume, a substantial increase from 42% in the same quarter last year. Management anticipates Connect's share to approach 70% in the medium term.

This shift towards Connect means larger partners increasingly direct their volume through this platform, bypassing Figure as an intermediary. As these partners scale, they benefit from volume-based pricing tiers that step down, compressing Figure's blended rate. However, this structural change has positively impacted profitability elsewhere.

Ecosystem and technology fees emerged as the largest revenue contributor for Figure in the quarter, marking a significant milestone. This revenue stream directly benefits from the increased utilization of the Connect platform. Concurrently, adjusted EBITDA margin expanded to 55% from 47% in the prior year, underscoring the model's expanding profitability.