Figure's Shift to HELOC Marketplace

The key strategic point is that Figure is shifting from being just a lender to being market infrastructure for home equity credit. When more investors commit capital, partner banks and credit unions can hand off more loans without tying up their own balance sheets, which makes the platform easier to adopt. That in turn brings in more originators, creates more standardized loan supply, and makes the marketplace more useful to the next capital provider.

• The origination side already has real density. Figure said in July 2025 that more than 175 origination partners use its technology, up from more than 135 embedded HELOC partners cited elsewhere, which shows the network is broad enough for added investor liquidity to matter in practice.
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• The capital side matters because HELOCs are still dominated by banks and credit unions. CFPB data showed depositories and credit unions accounted for 96.2% of HELOC originations in 2022, so a white label system that lets smaller institutions offer digital HELOCs without funding every loan themselves opens a much larger channel than Figure could reach alone.
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• Sixth Street makes the marketplace more credible to other asset managers because it did not just buy loans, it formed a joint venture with Figure in February 2025 to bring over $2 billion of liquidity and through the cycle funding to the non agency mortgage market. Permanent or committed capital reduces the risk that partner originators show up and find no buyer on the other side.
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From here, the flywheel pushes Figure toward a two sided mortgage marketplace model where software distribution and capital formation reinforce each other. If Figure keeps adding partner institutions and deepening committed investor demand, volume can compound faster than a normal lender because each new participant improves the economics and reliability of the network for the next one.