Figure as infrastructure for credit markets

This points to Figure becoming a toll collector on credit trading, not just a lender. The important shift is from making HELOCs itself to supplying the registry and settlement rails that let many originators move loans on chain. Auto loans, student loans, and small business loans are all standardized, high volume credit pools that already feed securitization markets, so bringing them onto the same rails would expand transaction volume far faster than Figure would need to expand direct lending.

• The core product already looks like market infrastructure. Figure Connect lets originators auction loan pools on chain, and DART records eNotes and lien data so ownership can be verified quickly by investors. That means new asset classes can add fee volume without adding borrower acquisition or balance sheet exposure.
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• The 10 to 20x logic comes from the size of adjacent credit markets. U.S. ABS issuance reached $388.1B in 2024, and SIFMA data shows auto, student loan, and other consumer ABS are established issuance categories. Against an $18B tokenized private credit base, even partial adoption in those markets would be a large multiple.
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• This is similar to how mortgage software platforms expand, but with a stronger transaction angle. Snapdocs became valuable by sitting between lenders, title companies, and notaries across a huge share of closings. Figure is trying to sit one layer deeper, at the asset registry and trading layer where every transfer can carry a fee.
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The next phase is Figure pushing DART and Figure Connect from mortgage specific infrastructure into general purpose credit plumbing. If large originators and investors start using the same registry and settlement workflow across multiple loan types, Figure can become the default back end for private credit trading, with revenue scaling alongside market throughput rather than only its own originations.