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/metrics

Aleph 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/run

RightRev 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/CJ

Rillet 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/cj

EY 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/techstartups

SpendHound 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/cLTxtAsN

Guest: 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 intro

3:10 Working for a CEO who's a former CFO

5:00 What Figure does and how it makes money

6:57 Blockchain's first commercial use case

8:17 50%+ margins, path to 60%

9:23 Sponsors — Brex | Aleph | RightRev

12:56 HELOC origination: 45 days to 5 days

14:26 Where the lending system is bloated

15:56 Credit and liquidity as core risks

17:06 Blockchain makes the marketplace transparent

18:10 Risk as a fintech CFO

19:49 Sponsors — Rillet | EY | SpendHound

22:58 Crypto on the balance sheet

24:12 Blockchain becomes invisible like cloud

25:44 Stablecoins explained

27:47 YLDS: Figure's yield-bearing stablecoin

29:02 Crawl, walk, run stablecoin strategy

34:32 IPO process: what got easier

35:03 What got harder: testing the waters

37:12 Blockchain KPIs and investor conversations

38:21 Finance team: 130 people down to 35

40:00 SEC engagement: storytelling not financials

40:49 IPO advice: pick durable KPIs

42:05 First earnings after IPO: don't miss

43:13 AI automation goal: 60% by 2026

46:11 Director of Finance Transformation hire

47:40 30-60-90 for the transformation role

48:58 Long-Ass Lightning Round

52:20 Credits