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:

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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: