Figure CFO Macrina Kgil on Blockchain Lending, Stablecoins, and IPOs

In this episode of Run the Numbers, CJ sits down with Figure Technologies CFO Macrina Kgil to break down how Figure’s business model works, why traditional lending remains so bloated, and how speed in origination and funding flows through financial performance. They also cover stablecoins, blockchain as invisible infrastructure, AI in accounting, and scaling finance with fewer than 35 people.—SPONSORS:Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metricsAleph is a modern FP&A platform built for teams that want more than another planning tool. By connecting your ERP, CRM, and other systems into one trusted data layer with AI workflows, Aleph helps you move faster with real-time insights. Get a personalized demo at https://www.getaleph.com/runRightRev is an automated revenue recognition platform built for teams that have outgrown spreadsheets and billing tool workarounds. It handles high-volume subscriptions, usage-based contracts, and mid-cycle upgrades, so you can scale without scrambling at month-end. For RevRec that keeps your books clean, visit https://www.rightrev.com/CJRillet is an AI-native ERP built for modern finance teams that want to replace NetSuite and close faster. With revenue recognition, close management, multi-entity support, and native Stripe and Salesforce integrations, Rillet helps scaling companies run their finance stack in one place. Hundreds of teams, including Windsurf and Mercor, use Rillet to make the zero-day close real. Book a demo at https://www.rillet.com/cjEY works with high-growth tech companies to navigate the messy realities of scaling—from regulatory requirements to IPO readiness. By helping teams get it right early and often, EY lets founders stay focused on building while reducing risk as they grow. Learn more at https://www.ey.com/techstartupsSpendHound is a SaaS spend management platform built for finance and procurement teams that want visibility and leverage in every deal. By tracking all your software, benchmarking pricing across thousands of vendors, and surfacing contracts and renewals, SpendHound helps you stop overpaying and negotiate with confidence. Trusted by teams at ZoomInfo and Hootsuite. Get started at https://www.spendhound.com/cj—LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsNGuest: https://www.linkedin.com/in/macrina/Company: https://www.figure.com/CJ: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—TIMESTAMPS:0:00 Preview and intro3:10 Working for a CEO who's a former CFO5:00 What Figure does and how it makes money6:57 Blockchain's first commercial use case8:17 50%+ margins, path to 60%9:23 Sponsors — Brex | Aleph | RightRev12:56 HELOC origination: 45 days to 5 days14:26 Where the lending system is bloated15:56 Credit and liquidity as core risks17:06 Blockchain makes the marketplace transparent18:10 Risk as a fintech CFO19:49 Sponsors — Rillet | EY | SpendHound22:58 Crypto on the balance sheet24:12 Blockchain becomes invisible like cloud25:44 Stablecoins explained27:47 YLDS: Figure's yield-bearing stablecoin29:02 Crawl, walk, run stablecoin strategy34:32 IPO process: what got easier35:03 What got harder: testing the waters37:12 Blockchain KPIs and investor conversations38:21 Finance team: 130 people down to 3540:00 SEC engagement: storytelling not financials40:49 IPO advice: pick durable KPIs42:05 First earnings after IPO: don't miss43:13 AI automation goal: 60% by 202646:11 Director of Finance Transformation hire47:40 30-60-90 for the transformation role48:58 Long-Ass Lightning Round52:20 Credits