The Rundown Deep Dive: Can the Figure IPO Live Up to the Hype?
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Sep 13, 2025 Figure Technologies aims to revolutionize Wall Street by leveraging blockchain to eliminate middlemen in finance. They promise to streamline processes like home loans, making them faster and cheaper. The discussion dives into Figure's business model and revenue streams, questioning whether they can genuinely transform capital markets or if they're just rebranded lenders. Expect insights into their efficient loan origination methods and ambitious plans to impact the broader financial landscape.
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Blockchain Cuts HELOC Time And Cost
- Figure's core business is HELOC lending, using blockchain to speed and cut costs dramatically.
- They fund HELOCs in a median 10 days and claim ~$730 cost per loan vs industry ~$11,000.
Macro Tailwinds Could Reverse Quickly
- Figure benefits from high home values and high interest rates driving HELOC demand right now.
- Falling mortgage rates or home prices could sharply reduce tappable equity and increase default risk.
Push Marketplace Over Direct Lending
- Diversify beyond HELOCs by expanding Figure Connect and licensing Providence blockchain to partners.
- Build a marketplace to earn fees and reduce reliance on direct lending revenue.