Figure becomes lending infrastructure

This points to Figure becoming lending infrastructure, not just a HELOC lender. In practice, the hard part in asset backed credit is collecting borrower data, checking collateral, perfecting the lien, packaging the loan into a standard format, and moving it to investors fast. Figure already does that for home equity with its loan origination system, DART registry, and Provenance based settlement stack, which is why the same playbook can travel to other secured products.

• The transferable piece is less the consumer product and more the back end machinery. Figure records every asset on Provenance, uses DART to track lien and eNote ownership, and has already adapted its loan origination system beyond HELOCs to digital asset secured loans and DSCR rental property loans.
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• Other asset backed categories have the same operational bottleneck. Auto, equipment, and small business loans all require repeated document checks, collateral verification, and investor reporting. Mortgage software companies like Vesta and Snapdocs show the same pattern, value comes from turning a messy human workflow into machine readable steps that fewer people have to touch.
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• The economic prize is in capital markets. Figure says its blockchain workflow saved over 100 basis points per loan in securitization, and its 2025 filing says it handled over $60B of transactions and about 75% of tokenized private credit by outstanding loans. If that efficiency carries into other collateral types, the upside is a much larger fee base without needing to acquire borrowers one by one.
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The next step is Figure selling the rails to more originators, then broadening from home equity into any loan where collateral can be verified and ownership can be transferred cleanly. That would move the company toward owning the plumbing for private credit issuance, trading, and securitization across multiple asset classes.