Figure’s shares rose modestly by 2.4% following Q2 results that showed continued rapid volume growth and expanding partner traction, though take rate remains under pressure due to channel mix shifts and rising interest rates.
- Consumer loan marketplace volume hit $4.3 billion, up 132% year-over-year and surpassing the top end of guidance by 4%.
- Platform partners increased to 489, up 102 from last quarter, with broad growth across independent mortgage banks, servicers, depositories, and fintech SMBs.
- Figure Connect represented 65% of marketplace volume, up from 56% last quarter, contributing to strong operating leverage and 55% EBITDA margins.
- Take rate declined to 3.6%, near the low end of guidance, pressured by larger partners moving directly to lower-fee Figure Connect, higher interest rates reducing gain-on-sale, and greater first-lien loan volumes.
- Management expects take rate headwinds to persist near current low levels in Q3 amid the ongoing shift in business mix.
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