$FIGR is increasingly a network, not a lender. >489 partners, up from 144 a year ago. >Figure Connect (the marketplace) now drives 65% of consumer loan volume, up from 35% >More partners --> more volume --> more liquidity --> more partners --> very profitable flywheel. Consumer loan volume +132% y/y, ~50% margins and rising, sub-S&P 500 multiple.
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