As the blockchain banking sector heats up, Figure Technologies continues to chart an ambitious course through the financial technology landscape. The company’s recent movements have caught the attention of market analysts and investors alike, with significant implications for those eyeing its potential in 2025 and beyond.
The first quarter of 2025 has been transformative for Figure Tech. After securing regulatory approvals for its blockchain-based mortgage platform and expanding its digital asset custody capabilities, the company has positioned itself at the intersection of traditional banking and decentralized finance—a sweet spot that could yield substantial returns as institutional adoption of blockchain technology accelerates.
Looking at the fundamentals, Figure’s revenue streams have diversified impressively. While its HELOC products established its market presence, the company’s expansion into payment systems and settlement infrastructure has opened new growth channels. The recent partnership with three of the top ten U.S. banks to implement Figure’s blockchain-based settlement network represents a crucial validation of its technology stack.
“Figure has managed something remarkable—gaining traction with traditional financial institutions while maintaining its innovation edge,” notes Samantha Chen, senior fintech analyst at Morgan Stanley. “Their approach to regulatory compliance while pushing technological boundaries gives them a distinct advantage over pure crypto plays.”
The numbers tell a compelling story. Figure’s quarterly revenue growth of 32% year-over-year outpaces the fintech sector average of 18%. More impressively, customer acquisition costs have decreased by 17% while lifetime value metrics have improved, suggesting operational efficiencies are taking hold as the company scales.
However, investors should remain cautious about several factors that could impact Figure’s trajectory. Regulatory uncertainties continue to loom over blockchain banking initiatives, with several key decisions from the Federal Reserve and SEC expected in late 2025 that could either accelerate or constrain Figure’s business model. The company’s valuation—currently trading at 11.2 times forward revenue—reflects high growth expectations that leave little room for execution missteps.
Competition is intensifying as well. Traditional banks are developing proprietary blockchain solutions, while established crypto companies are acquiring banking capabilities. JPMorgan’s expansion of its Onyx platform and Block’s increasing focus on banking services create a competitive landscape that will require Figure to maintain its technological edge.
Market volatility presents another consideration. The correlation between Figure’s stock performance and broader cryptocurrency markets has weakened but remains significant. This connection creates both opportunity and risk—the ongoing institutional adoption of digital assets could provide tailwinds, while regulatory crackdowns or market corrections could trigger selloffs despite Figure’s fundamentals.
The company’s international expansion plans add another layer to the analysis. Figure has begun pilot programs in Singapore and the UAE, targeting markets with progressive regulatory frameworks for digital assets. Success in these regions could unlock significant growth potential but comes with execution risks in unfamiliar regulatory environments.
“Figure’s technology is impressively scalable across different financial services verticals,” explains David Wong, blockchain research lead at Bernstein Research. “Their modular approach allows them to adapt to different regulatory environments more nimbly than competitors with more rigid infrastructures.”
The talent landscape also factors into Figure’s outlook. The company has been successful in attracting key personnel from both traditional finance and blockchain sectors, with recent executive hires from Goldman Sachs and Coinbase strengthening its management team. This blend of expertise positions Figure well to navigate the complex intersection of regulation, technology, and market expectations.
From my perspective covering the blockchain banking sector, Figure represents an interesting case study in how fintech companies can bridge traditional and decentralized finance. At blockchain conferences I’ve attended this year, Figure’s approach has been referenced repeatedly as a potential blueprint for sustainable innovation within regulatory boundaries.
For investors considering Figure Tech in 2025, the risk-reward profile depends largely on time horizon and risk tolerance. Short-term investors should be prepared for volatility as the company continues to invest heavily in growth initiatives that may pressure near-term profitability. Long-term investors may find the current entry point attractive given the company’s positioning in a market projected to grow substantially over the next decade.
The consensus among analysts trends cautiously optimistic, with the median price target representing a 23% upside from current levels. However, the range of targets is unusually wide, reflecting uncertainty about how quickly Figure’s technological advantages will translate to sustainable profitability.
As blockchain banking continues to evolve, Figure’s strategy of building compliance-first infrastructure while maintaining innovation appears well-calibrated to industry trends. For investors willing to weather potential regulatory and competitive storms, Figure represents exposure to financial infrastructure transformation that extends beyond speculative cryptocurrency investments.
Whether Figure Tech remains a smart buy in 2025 ultimately depends on your belief in blockchain’s role in reshaping financial services and Figure’s ability to maintain its early-mover advantage as competition intensifies. The story is still unfolding, but the company has established the technological foundation and institutional relationships to potentially thrive in this rapidly evolving landscape.
