Figure Technology Solutions and Figure Markets have announced their merger, forming a unified entity that will operate under the name Figure Technology Solutions. This strategic combination aims to advance the integration of blockchain technology within global capital markets.
The merger brings together Figure’s established consumer credit marketplace with its blockchain-native asset exchange. The unified company seeks to accelerate the transition from traditional financial systems to a decentralized, programmable, and scalable ecosystem, leveraging blockchain for enhanced efficiency, speed, and cost savings in capital markets. Mike Cagney, Co-Founder and Executive Chairman of Figure, highlighted that the company has used blockchain in real-world applications to drive these efficiencies since its inception in 2018.
The combined entity unites Figure’s two primary marketplaces: Figure Connect, a consumer credit marketplace, and Democratized Prime, a decentralized prime brokerage and warehouse line alternative. Figure Connect facilitates the origination and trading of tokenized home equity, mortgage, and other consumer loans. The platform has over 175 origination partners utilizing Figure’s technology to create standardized, blockchain-native assets. These assets are then traded in a liquid marketplace. Figure’s marketplace is recognized as the largest non-bank originator of home equity lines of credit (HELOCs), having funded over $16 billion in loans to date and capturing a portion of the estimated $35 trillion in U.S. home equity.
Democratized Prime connects capital directly to tokenized collateral, funding loans from Figure and its partners. This is complemented by Figure’s retail and institutional exchange, which offers crypto assets, crypto-backed loans, and stablecoins. With this merger, Figure asserts a significant position in the burgeoning market for Real World Asset (RWA) tokenization, claiming approximately 75% market share. The consolidation is projected to unlock growth across existing and new product categories, from asset-backed lending to cross-asset tokenization, representing a combined revenue opportunity of $130 billion.
All operations are underpinned by the Provenance Blockchain, an open-source ledger specifically designed for financial services. Provenance provides the infrastructure for real-time settlement, immutable asset recording, and composability, enabling Figure to originate, tokenize, and trade real-world assets efficiently. The merger is anticipated to finalize later this summer, pending shareholder approval and the fulfillment or waiver of closing conditions, including all necessary governmental approvals.
The unified company will be led by CEO Michael Tannenbaum, who joined Figure Technology Solutions in April 2024. Tannenbaum, a fintech veteran with previous roles as CRO at SoFi and COO at Brex, has overseen Figure’s growth and market expansion. This includes over $2 billion in volume in Q2 2025, more than $50 billion in blockchain transactions to date, $339 million in 2024 adjusted net revenue, and combined growth exceeding 60% in 2024. Under his leadership, Figure has also achieved over 30% Adjusted EBITDA margins. Tannenbaum will collaborate closely with co-founder Mike Cagney, who remains Executive Chairman. The executive team also includes Todd Stevens as Chief Capital Officer, Ronald Chillemi as Chief Legal Officer, and Macrina Kgil as Chief Financial Officer. Kgil was formerly CFO of OneMain Holdings and Blockchain.com, while Chillemi served as Deputy General Counsel and Vice President at Better Mortgage and General Counsel at Aven. Stevens previously held global capital markets roles at Deutsche Bank and is on the Boards of DeFi Devs and Tokeny. Matt Hellwinkel and Clare Hove from Figure Markets will lead technology and product development, respectively.
Tannenbaum commented on the team’s performance and the market opportunity, stating that Figure’s strength lies in its shared vision, discipline, and execution. He emphasized the significant expansion of the market for tokenizing Real World Assets and Figure’s first-mover advantage in capturing this growth through its technology and partner ecosystem. The company notes that despite over $1.5 trillion in private credit capital raised in 2023, originators often face limited access, opaque pricing, and high costs. Figure’s infrastructure aims to provide liquidity, certainty, and cost efficiency. With only approximately 1% of real-world assets currently on blockchain, Figure’s ecosystem is designed to broaden capital access, reduce friction, and modernize financial market foundations.
Figure focuses on three key primitives in capital markets: transactional, liquidity, and lending. Transactional efficiency is improved by standardizing and homogenizing assets across multiple originators, leading to enhanced marketplace liquidity through real-time, atomic settlement and instant clearing. On top of these, the lending primitive, supported by asset perfection and smart contracts, facilitates cross-collateralization, enabling decentralized funding opportunities for tokenized assets within Figure’s ecosystem.
Recent developments contributing to Figure’s momentum include the launch of Democratized Prime with its first institutional partner, rapid adoption of Figure Connect since its June 2024 launch (with nearly 200 fintechs, mortgage companies, and credit unions participating in billions of dollars of transactions), a strategic joint venture with Sixth Street involving over $2 billion in liquidity, and the June 2025 securitization of $355 million in mortgage assets (FIGRE 2025-HE3). This securitization was the first blockchain-based deal to receive a rating from S&P Global Ratings across all six bond classes, ranging from AAA to B-.
Figure Technology Solutions operates as a blockchain-native capital marketplace, connecting origination, funding, and secondary market activities. Its loan origination system and capital market are utilized by over 175 partners, who have originated more than $16 billion in home equity, among other products. This makes Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest-growing segment is Democratized Prime, Figure’s on-chain lend-borrow marketplace. The company also incorporates DART (Digital Asset Registry Technology) for asset custody and lien perfection, and YLDS, an SEC-registered yield-bearing stablecoin that functions as a tokenized Money Market Fund. Figure leads in real-world asset (RWA) tokenization, with its most recent securitization receiving a AAA rating from S&P, marking a first for blockchain finance.
