Figure Technologies Inc.

Q2 2026 Quarterly Account Review

Review period: April 1 through June 30, 2026
Probable current parent: Figure Technology Solutions, Inc.
Review status: Preliminary, pending USPS account data and legal-entity validation

1. Executive Account Summary

Figure Technology Solutions, Inc. is a financial-technology company operating a blockchain-based marketplace for consumer lending, loan funding, secondary-market trading, and tokenized assets. Its businesses include Figure-branded lending, Figure Connect, Democratized Prime, Digital Asset Registry Technology, and the $YLDS yield-bearing digital asset. Figure Lending LLC operates the company’s consumer home-equity lending business.

Figure’s Q2 2026 activity reflected rapid business expansion:

April consumer loan marketplace volume reached $1.338 billion, up 108% from April 2025.
May marketplace volume reached $1.402 billion, up 135% from May 2025.
Q1 net revenue increased 98% year over year to $167 million.
Q1 consumer loan marketplace volume increased 113% to $2.902 billion.
The company ended Q1 with 387 active partners after adding a record 80 partners.
Figure entered a strategic partnership with small-business lender Credibly.
Figure announced a definitive agreement to acquire Kiavi for a total transaction purchase price of $717 million.

Figure is primarily digital, and loan payments are accepted through ACH rather than postal mail. However, physical mail remains relevant for qualified written requests, notices of error, requests for information, legal notices, mortgage-related communications, regulatory correspondence, and other documents requiring physical delivery. Figure directs certain written loan inquiries to a Reno, Nevada post-office box.

Preliminary USPS assessment: Figure’s growth may increase regulated borrower and partner correspondence, but the business is designed around electronic applications, electronic payments, blockchain records, and digital communications. The USPS opportunity is therefore more likely to involve high-value First-Class Mail, Certified Mail, legal and compliance correspondence, returned-mail management, address-quality services, and selected document or equipment parcels rather than high-volume consumer packages.

2. Quarterly Performance Comparison

USPS account performance

Metric	Q2 2026	Q1 2026	Q2 2025	Change
USPS revenue	Unavailable	Unavailable	Unavailable	Not calculable
Total mail and package volume	Unavailable	Unavailable	Unavailable	Not calculable
Average revenue per piece	Unavailable	Unavailable	Unavailable	Not calculable
First-Class Mail volume	Unavailable	Unavailable	Unavailable	Not calculable
Certified Mail volume	Unavailable	Unavailable	Unavailable	Not calculable
Marketing Mail volume	Unavailable	Unavailable	Unavailable	Not calculable
Ground Advantage volume	Unavailable	Unavailable	Unavailable	Not calculable
Priority Mail volume	Unavailable	Unavailable	Unavailable	Not calculable
USPS product mix	Unavailable	Unavailable	Unavailable	Not calculable

Average revenue per piece should be calculated as:

USPS revenue ÷ total USPS mail and package volume

The Project spreadsheet is required to complete:

Q2 2026 versus Q1 2026 revenue and volume.
Q2 2026 versus Q2 2025 revenue and volume.
Product-level percentage changes.
Average revenue per piece.
Legal-entity and origin-location analysis.
Mailing-vendor and permit ownership.
Account engagement and service trends.
Pricing-agreement performance.

Public company performance available during Q2

Company metric	Current period	Comparison period	Change
Q1 consumer loan marketplace volume	$2.902B	$1.365B in Q1 2025	+113%
Q1 net revenue	$167.0M	$84.5M in Q1 2025	+98%
Q1 net income	$45.0M	$(0.6)M in Q1 2025	Improved to profit
Q1 adjusted EBITDA	$82.7M	$28.3M in Q1 2025	+192%
April marketplace volume	$1.338B	$645M in April 2025	+108%
May marketplace volume	$1.402B	$598M in May 2025	+135%
Active partners at Q1 end	387	Prior-year figure not stated	Record 80 added during Q1

USPS interpretation: Loan and partner growth may increase the number of borrowers, counterparties, notices, servicing communications, and regulated documents. It does not establish a proportional increase in physical mail because Figure’s operating model emphasizes electronic processes and blockchain-based records.

3. Important Changes and Trends

Rapid loan-marketplace growth

Figure reported $1.338 billion of consumer loan marketplace volume in April and $1.402 billion in May. April volume increased 12% from March, and May increased another 5% from April.

Potential USPS significance: Additional loan originations and partner transactions may generate more legally required disclosures, servicing notices, lien-related documents, borrower inquiries, and exception correspondence. USPS should determine which documents are delivered electronically and which still require or permit physical mail.

Expansion into first-lien and business-purpose lending

Figure reported that first-lien loans represented 20% of production during Q1. It also expanded small-business and business-purpose lending, including debt-service-coverage-ratio and residential-transition loans.

Potential USPS significance: First-lien and business-purpose lending can involve property, insurance, title, servicing, payoff, legal, and borrower communications. These products may produce different physical-mail requirements from unsecured or second-lien lending.

Record partner expansion

Figure added 80 partners during Q1 and ended the quarter with 387 active partners. The company said Flagstar Bank was expected to launch through its ecosystem during Q2.

Potential USPS significance: More partners may create decentralized correspondence and mailing activity. The account team should determine whether Figure, the originating partner, a servicer, a document vendor, or another third party controls each mail stream.

Strong digital-substitution pressure

Figure operates as a technology-first lending and blockchain company. Loan payments are accepted only through ACH, and its electronic communications policy covers communications with customers.

Potential USPS significance: Routine statements, payments, and application documents may produce limited physical volume. USPS should prioritize communications with legal, regulatory, security, evidentiary, or customer-preference value rather than assuming broad transactional-mail growth.

Corporate and legal-entity complexity

The organization includes Figure Technology Solutions, Inc., Figure Lending LLC, Figure Markets entities, Figure Certificate Company, and other affiliated operations. Figure’s legal-request policy states that requests must be directed to the correct Figure legal entity because different entities maintain different records and products.

Potential USPS significance: Mail revenue, permits, return addresses, postage accounts, and contacts may be distributed across several legal entities. The Salesforce account should not be treated as a single undifferentiated operation.

4. Relevant Company Developments

April 3, 2026: Preliminary Q1 operating data released

Figure reported Q1 consumer loan marketplace volume of $2.902 billion, up 113% from Q1 2025. March volume alone reached $1.190 billion.

USPS analysis: The higher loan volume may generate more correspondence, but the physical-mail effect requires documentation-level analysis.

May 4, 2026: April operating volume increased

Figure reported April consumer loan marketplace volume of $1.338 billion, up 108% year over year. Borrower demand on Democratized Prime increased 5% from March.

USPS analysis: Growth across lending channels may increase notices and servicing interactions. It may also increase inbound qualified written requests if the servicing population expands.

May 5, 2026: Credibly partnership announced

Figure announced a strategic partnership with Credibly to place small-business loans and revenue-based financing products on Figure’s blockchain-based capital-market platforms. The partnership became effective during Q2 2026.

USPS analysis: The partnership may introduce new small-business borrower and investor communications. Responsibility for mailing may remain with Credibly, Figure, a servicer, or another vendor, so ownership must be mapped before identifying an opportunity.

May 11, 2026: Q1 financial results released

Figure reported $167 million in Q1 net revenue, $45 million in net income, and $83 million in adjusted EBITDA. It guided to Q2 consumer loan marketplace volume of $3.8 billion to $4.1 billion.

USPS analysis: The Q2 growth outlook supports a review of capacity for compliant borrower and partner mail, but it should not be used as a proxy for USPS volume.

June 2, 2026: May operating data released

May consumer loan marketplace volume reached $1.402 billion, up 135% from May 2025. Available lender supply on Democratized Prime increased 17% from April.

USPS analysis: This continued growth may increase the scale of loan servicing and regulatory communications.

June 10, 2026: Kiavi acquisition agreement announced

Figure entered a definitive agreement to acquire Kiavi’s technology and operating platform. A joint venture between Figure and Sixth Street was to acquire Kiavi’s balance-sheet assets. The total transaction purchase price was $717 million. Figure stated that the transaction would add more than $7 billion in annual first-lien volume and more than $100 million in monthly flow to Democratized Prime.

USPS analysis: This is the quarter’s most material account development. Integration may create:

New legal-entity and account relationships.
Additional borrower and servicing correspondence.
Changes in document vendors.
New office and fulfillment locations.
Revised return addresses and post-office boxes.
Increased legal and regulatory mail.
Potential duplicate USPS accounts that require consolidation.
Employee equipment and integration-material shipments.

The transaction was announced but not confirmed as closed within the reviewed source. Expected benefits and volumes should therefore be treated as forward-looking.

5. Potential USPS Impact

First-Class Mail

Potential First-Class Mail streams include:

Loan disclosures.
Servicing notices.
Escrow or insurance communications.
Payoff correspondence.
Default or delinquency notices.
Privacy notices.
Adverse-action or application-related notices.
Qualified Written Request responses.
Requests for information.
Notifications of error.
Partner and investor correspondence.
Regulatory notices.
Returned-mail remediation.

Figure requires certain loan inquiries to be submitted in writing to a Reno post-office box.

Certified Mail and accountable services

Potential use cases include:

Notices of arbitration.
Legal demands.
Regulatory correspondence.
Default-related notices.
Contractual notices.
Time-sensitive borrower communications.
Partner termination or compliance notices.

Figure’s terms state that arbitration notices may be sent by certified U.S. Mail or FedEx with signature required.

USPS opportunity: Review whether Certified Mail, electronic return receipt, Priority Mail with signature, or other accountable services can meet Figure’s documentation and proof-of-delivery requirements.

Marketing Mail

Possible uses include:

Home-equity customer acquisition.
Partner recruitment.
Small-business lending campaigns.
Borrower cross-sell.
Geographic homeowner targeting.
Financial-education material.

No current direct-mail program was verified. Any campaign would require review by Figure’s legal, compliance, privacy, and marketing teams.

Ground Advantage

Potential parcel activity includes:

Employee equipment.
Partner onboarding kits.
Corporate-event materials.
Compliance manuals.
Marketing materials.
Replacement hardware.
Document packages too large for letter mail.
Kiavi integration and employee shipments.

These are hypotheses requiring verification. Figure’s public activity does not indicate a substantial consumer-merchandise parcel operation.

Priority Mail

Priority Mail may be appropriate for:

Urgent legal documents.
Time-sensitive closing or servicing materials.
Replacement equipment.
High-priority partner onboarding materials.
Acquisition-integration shipments.
Documents requiring faster tracked transportation.

Address quality

Figure serves borrowers and partners nationwide. Address defects could affect:

Legally required notices.
Qualified Written Request responses.
Privacy documents.
Loan-servicing correspondence.
Returned checks or documents.
Regulatory compliance.
Customer complaints.
Reprinting and remailing expense.

Potential USPS solutions include:

CASS-certified validation.
National Change of Address processing.
Address Change Service.
Undeliverable-as-addressed reporting.
Secure handling and reporting for returned financial documents.

Inbound correspondence

Figure maintains a Reno post-office box for certain written loan inquiries.

USPS should review:

Daily inbound volume.
Pickup frequency.
Processing delays.
Misaddressed mail.
Mail-opening and scanning vendor arrangements.
Certified Mail acceptance.
Date-of-receipt documentation.
Chain-of-custody requirements.
Service issues affecting response deadlines.

Digital substitution

Figure’s technology-first model creates a structural limit on physical mail. Loan payments are ACH-only, and many communications are electronic.

USPS should concentrate on mail that requires:

Legal proof.
Regulatory compliance.
Consumer preference.
Security.
Physical originals.
Reliable delivery to parties not reached digitally.

6. Opportunities

1. Validate and consolidate account entities

Identify all USPS and Salesforce records under:

Figure Technologies Inc.
Figure Technology Solutions, Inc.
Figure Lending LLC.
Figure Markets.
Figure Certificate Company.
Kiavi.
Legacy and affiliate names.

2. Map the mail-production chain

Determine who creates, prints, inserts, meters, and enters:

Borrower notices.
Loan documents.
Servicing mail.
Legal correspondence.
Privacy notices.
Marketing mail.
Partner communications.

The opportunity may reside with an outside print-and-mail vendor rather than Figure directly.

3. Prepare for Kiavi integration

Meet with Figure and Kiavi to identify:

Existing mail vendors.
Mail permits and CRIDs.
Post-office boxes.
Return addresses.
Servicing platforms.
Duplicate postage agreements.
Legal notices.
Integration shipments.
Contract expiration dates.

4. Improve inbound qualified-request handling

Review Reno post-office-box service, Certified Mail processing, pickup schedules, scanning, and date-of-receipt controls.

5. Protect high-value regulated mail

Prioritize legal, servicing, privacy, and compliance mail that is less likely to migrate entirely to electronic delivery.

6. Address-quality analysis

Measure undeliverable borrower and partner mail and the cost of reprints, remails, complaints, and compliance exceptions.

7. Accountable-mail optimization

Compare Certified Mail, electronic return receipt, Priority Mail signature options, and current FedEx usage for legal notices.

8. Partner and small-business direct mail

Evaluate controlled direct-mail tests for Figure-branded lending, partner recruitment, and small-business finance, subject to compliance approval.

9. Corporate parcel review

Obtain data for employee equipment, legal documents, partner kits, event materials, and other parcels currently moving through private carriers.

7. Risks and Concerns

USPS revenue and volume data are unavailable.
The account name may not match the current public parent company.
Mail activity may be distributed across several legal entities and vendors.
Figure’s business is intentionally digital-first.
ACH-only payments eliminate payment-remittance mail.
Electronic documents and blockchain records reduce conventional paper flows.
Legal and financial mail requires strict privacy and security controls.
Incorrect delivery of borrower documents can create compliance and reputational risk.
The Kiavi acquisition had been announced but was not confirmed as completed in the reviewed materials.
Kiavi may maintain separate vendors, permits, contracts, and carrier relationships.
Mailing decisions may be controlled by loan servicers or third-party document providers.
Figure operates from multiple addresses, including Reno, Charlotte, San Francisco, New York, and affiliate locations.
Current USPS products, pricing agreements, account issues, and commitments remain unknown.
Company lending growth should not be treated as equivalent to mail-volume growth.

8. Customer Questions

Is the USPS account correctly named Figure Technologies Inc., or should it be Figure Technology Solutions, Inc.?
Which Figure legal entities currently generate USPS mail?
Which entity owns each mailing permit, CRID, payment account, and post-office box?
What were Q2 2026 USPS revenue and mail volume compared with Q1 2026 and Q2 2025?
Which mail products generate the most USPS revenue?
Who prints and mails borrower disclosures, servicing notices, and legal correspondence?
Which mail streams are produced internally versus through vendors?
How many qualified written requests and notices are received through the Reno post-office box?
Are there service, pickup, scanning, or date-of-receipt issues at that post-office box?
What percentage of borrower communications is electronic versus physical?
Which notices must remain in physical form?
What is the undeliverable rate for borrower and partner correspondence?
How many pieces require reprinting or remailing because of address defects?
Does Figure use Certified Mail or FedEx for arbitration and legal notices?
Could USPS accountable services replace any current FedEx usage?
Which company controls mail for Figure’s partner-branded loans?
Which correspondence will be added through the Credibly partnership?
What Kiavi mail vendors, permits, post-office boxes, and contracts will be inherited?
Will Kiavi continue operating separate servicing and communications systems?
Does Figure use direct mail for borrower acquisition or partner recruitment?
What corporate parcel activity currently moves through UPS or FedEx?
When does the current USPS pricing agreement expire?
Which USPS commitments or service issues remain open?

9. Recommended Actions

USPS actions

Retrieve Q2 2026, Q1 2026, and Q2 2025 USPS revenue and volume.
Calculate quarter-over-quarter and year-over-year changes.
Calculate average revenue per piece.
Validate the correct legal account name and parent-child Salesforce structure.
Identify all Figure and Kiavi CRIDs, permits, payment accounts, post-office boxes, and mailing origins.
Map mail vendors, servicers, document providers, and carrier decision-makers.
Separate First-Class Mail, Certified Mail, Marketing Mail, and parcel activity.
Conduct an address-quality and undeliverable-mail analysis.
Review the Reno post-office-box operation and inbound qualified-request process.
Compare USPS accountable services with FedEx for legal and arbitration notices.
Prepare a Kiavi integration mail plan before systems and vendors are consolidated.
Identify opportunities involving partner onboarding, small-business acquisition, and corporate parcels.
Confirm pricing-agreement expiration and renewal requirements.
Document all service issues, previous commitments, owners, and follow-up dates.

Recommended customer follow-up

Schedule a cross-functional QAR involving:

Corporate procurement.
Lending operations.
Loan servicing.
Legal and compliance.
Customer experience.
Marketing.
Mail and document vendors.
Information security.
Kiavi integration leadership.
Finance and payment operations.

The first priority should be account and entity validation, followed by mapping regulated mail, the Reno post-office-box process, vendor control, and Kiavi integration.

10. Salesforce-Ready Account Update

Q2 2026 QAR: Public records indicate the current parent company is Figure Technology Solutions, Inc., with Figure Lending LLC and other affiliates operating specific financial products. The existing “Figure Technologies Inc.” account name should be validated.

Figure reported strong Q2 business momentum, including April consumer loan marketplace volume of $1.338 billion and May volume of $1.402 billion, up 108% and 135% year over year, respectively. Q1 net revenue increased 98% to $167 million. Figure also expanded into small-business lending through Credibly and announced a $717 million agreement to acquire Kiavi’s technology and operating platform.

Potential USPS opportunities include regulated First-Class Mail, Certified Mail and accountable services, inbound qualified written requests, address-quality improvement, legal and compliance correspondence, partner mail, direct-mail testing, and corporate parcels. The Kiavi transaction may create account-consolidation, vendor, permit, post-office-box, and integration opportunities.

Risks: USPS performance was unavailable. Figure is digital-first, accepts loan payments through ACH, and may distribute mail activity across multiple affiliates, loan servicers, and third-party vendors. The Kiavi transaction was announced but not verified as closed during the review period.

Next steps: Validate the legal account structure, retrieve quarterly USPS performance, map all entities and mail vendors, review the Reno post-office-box process, assess undeliverable mail and accountable services, and initiate a Kiavi integration discussion.

Follow-up date: Not provided.

11. Information Required to Finalize the QAR

Correct legal USPS account name.
Salesforce parent-child account structure.
Q2 2026 USPS revenue and volume.
Q1 2026 USPS revenue and volume.
Q2 2025 USPS revenue and volume.
Average revenue per piece.
USPS product-level activity.
All Figure legal entities using USPS.
Kiavi account and mailing information.
Print and mail vendors.
Loan-servicing providers.
Permit holders and CRIDs.
Postage-paying entities.
Mailing origins and return addresses.
Reno post-office-box volume.
Certified Mail and FedEx legal-notice volume.
Undeliverable and returned-mail data.
Marketing Mail usage.
Corporate parcel volume.
Current pricing agreement.
Agreement expiration date.
Known service issues.
Previous commitments.
Open opportunities.
Last meeting and QAR dates.
Next action and follow-up date.

12. Sources

Figure Technology Solutions, April 3, 2026: Preliminary March and Q1 operating data, including Q1 marketplace volume.
Figure Technology Solutions, May 4, 2026: April marketplace volume, year-over-year growth, and digital-marketplace metrics.
Figure Technology Solutions, May 5, 2026: Strategic partnership with Credibly and expansion into small-business lending.
Figure Technology Solutions, May 11, 2026: Q1 revenue, profitability, partner expansion, first-lien growth, and Q2 volume guidance.
Figure Technology Solutions, June 2, 2026: May marketplace volume and platform operating metrics.
Figure Technology Solutions, June 10, 2026: Definitive agreement to acquire Kiavi, transaction structure, price, and expected marketplace impact.
Figure contact information, reviewed June 30, 2026: Reno post-office box for qualified written requests and other loan inquiries; ACH-only payment policy.
Figure legal-request policy, reviewed June 30, 2026: Separate legal entities, record ownership, and legal-request handling.
Figure terms, reviewed June 30, 2026: Certified U.S. Mail or FedEx delivery of arbitration notices.

Figure Technologies