Figure Technology Solutions is a fintech company that originates and distributes home equity lines of credit (HELOCs), which account for over 98% of its loan volume. Figure operates in two modes: direct-to-consumer under its own brand, and through a B2B2C partner network of over 300 banks, credit unions, and fintechs that originate loans under their own brands using Figure's loan origination system (LOS). Figure's core competitive advantages are its low per-loan production cost (~$717 vs. an industry average of ~$11,100) and fast funding speed (five days vs. an industry median of ~43 days), both driven by full automation and blockchain infrastructure. Every loan is recorded on Provenance Blockchain, a Layer 1 blockchain that Figure helped build. Beyond origination, Figure operates Figure Connect, an electronic loan marketplace that connects loan sellers and institutional buyers, earning a take rate of roughly 3.5%–4% on traded volume — a capital-light model with ~80% contribution margins. Figure also runs Democratized Prime, a blockchain-native short-term financing marketplace (similar to warehouse lending), and has issued YLDS, an SEC-registered yield-bearing stablecoin. Most recently, Figure launched OPEN, a blockchain-native alternative trading system for public equity. Figure's business model is primarily fee-based: origination fees, gain on sale, servicing fees (~25 bps annually), securitization sponsor fees (~40 bps), and marketplace take rates. Margin expansion is driven by volume growth and a mix shift toward capital-light Connect volume.