- Bernstein says Figure Technology Solutions is evolving beyond fintech lending into a blockchain-native capital markets platform, with Q1 results reinforcing that shift.
- Strong Q1 performance showed rapid loan volume growth and profitability gains, while analysts argue FIGR could increasingly trade in line with live blockchain loan activity.
- Platforms like Figure Connect and Forge underpin the model by tokenising loans into tradable units, with Bernstein highlighting a large long-term addressable market in tokenised credit.
Figure Technology Solutions is emerging as what Bernstein analysts describe as one of the clearest blockchain capital markets plays available in public markets after delivering stronger-than-expected first-quarter earnings. The analysts said the company is increasingly differentiating itself from traditional fintech lenders through its blockchain-native credit marketplace model.
In Q1, Figure reported US$2.9 billion (AU$4.06 billion) in loan volume, representing annual growth of 113%. Adjusted net revenue reached US$167 million (AU$233.8 million), while adjusted EBITDA totalled US$82.7 million (AU$115.78 million), slightly ahead of Wall Street expectations.
Bernstein analysts said Figure’s blockchain data already suggests Q2 could reach record levels, adding that the company’s stock price may increasingly become linked to real-time blockchain loan activity. The firm argued this could position FIGR as a direct proxy for the growth of tokenised credit markets.
Related: Wall Street’s Tokenisation Boom Runs Into Infrastructure Challenges
Figure Connect a Core Growth Engine
Central to that thesis is Figure Connect, the company’s blockchain-based credit origination marketplace, which represented 56% of quarterly loan volumes. Bernstein said the platform demonstrates how Figure is transitioning towards a marketplace model capable of generating fees across a broader blockchain financial ecosystem.
The company has also focused on improving liquidity for tokenised credit products through its Forge platform. Mike Cagney said the system converts whole loans into smaller participation units designed to address transferability and liquidity issues that exist for real-world assets in decentralised finance markets.
Bernstein has previously estimated the broader addressable market for tokenised credit across mortgages, auto loans and small-business lending at roughly US$4 trillion (AU$5.6 trillion) annually.
Related: Fidelity International Launches Tokenised Fund With Moody’s AAA Rating
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