But neither is anything particularly new at the consumer end, the only difference between Koala and any other company is that they're reliant on defi lending for their funding.

And the only thing blockchainy I can find about Figure is their crypto mortgage, which is an(other) collateralised loan scheme, and it's not in action yet. I notice it was supposed to launch in April with a 100% crypto-to-loan amount. I wonder if they've had to rethink it in light of the recent crash?

If their other products are somehow blockchain (and they might be, I can see they have some sort of proprietary blockchain going on) then firstly, yes, we’ll done to them for not crowing about it and putting the product first! But secondly, again I’m not really seeing a novelty here.

And I wonder what happens to companies like Koala in the current situation, a lot of DeFi lending platforms seem to have either collapsed or be on the brink.

But I guess “crowd-funded finance”