Artemis(@artemis):$FIGR: The Market May Be Underwriting The Wrong Business. The market still sees a lender. But 78% of volume is now partner-originated, Connect is scaling rapidly, and the highest-margin fee lines are becoming a much bigger piece of revenue. We think Figure is becoming something else entirely. Our new deep dive with @NorthIslandVC:

Artemis

@artemis

Thesis Investment Platform for Crypto + Equities + Stablecoins. Trusted by Visa, McKinsey, VanEck, Sequoia & Ribbit.

Joined April 2022

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Artemis@artemis

2026.08.11 19:09

$FIGR: The Market May Be Underwriting The Wrong Business. The market still sees a lender. But 78% of volume is now partner-originated, Connect is scaling rapidly, and the highest-margin fee lines are becoming a much bigger piece of revenue. We think Figure is becoming something else entirely. Our new deep dive with @NorthIslandVC: