Figure Technology Solutions, Inc. (FIGR): A Bull Case Theory 

We came across a bullish thesis on Figure Technology Solutions, Inc. on Valueinvestorsclub.com by raf698. In this article, we will summarize the bulls’ thesis on FIGR. Figure Technology Solutions, Inc.’s share was trading at $52.31 as of February 2nd. FIGR’s trailing P/E was 228.86 according to Yahoo Finance.

Figure Technology Solutions, Inc., a financial technology company, provides blockchain-based products and solutions in the United States. FIGR represents a highly innovative player at the intersection of traditional banking and blockchain-enabled financial services.

Founded by Michael Cagney, a co-founder of SoFi, FIGR IPO’d at $25 per share in September and operates a platform for originating, funding, selling, and trading on-chain loan products and tokenized assets. The company’s growth is increasingly driven by its B2B2C model, where banks and credit unions use FIGR’s technology to originate and securitize their own loan portfolios.

This platform-first approach has resonated strongly with partners, adding 78 new loan origination partners in the last quarter alone, bringing the total to 246, while achieving 185% net volume retention and retaining 93% of high-volume partners. FIGR’s HELOC product remains the primary growth driver, contributing significantly to its $214 million 2024 Consumer Loan Marketplace revenue, alongside $75 million from servicing fees and interest income.

FIGR’s platform delivers meaningful cost advantages, automating mortgage origination and leveraging blockchain to reduce third-party review costs by over 90%, while maintaining high take rates of 4.4%.

The company is also expanding into new lending products, digital assets, and stablecoins, notably with its SEC-approved YLDS stablecoin, providing an early foothold in a market that could materially impact deposit flows and banking economics. Street estimates project Figure Connect, its marketplace platform, will surpass half of Marketplace Revenue by 2026, with a CAGR exceeding 40% through 2027.

With its first-mover advantage, high take rates, and embedded position within traditional finance, FIGR demonstrates significant growth potential beyond its initial HELOC use case. While the valuation is elevated by traditional banking standards, the platform’s unique economics, profitable growth, and expanding footprint across lending verticals and digital assets present a compelling long-term opportunity. Catalysts include continued marketplace adoption and stablecoin expansion, which could materially accelerate revenue and reshape banking relationships.

Previously, we covered a bullish thesis on SoFi Technologies, Inc. (SOFI) by Oliver | MMMT Wealth in May 2025, which highlighted consistent revenue and EPS beats, expanding membership, and improving profitability. SOFI’s stock price has appreciated by approximately 71.69% since our coverage. raf698 shares a similar perspective but emphasizes FIGR’s blockchain-enabled platform, HELOC-driven growth, and rapid bank adoption.

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Disclosure: None.