Figure Technology Solutions has agreed to acquire AI-powered real estate lender Kiavi in a $717 million transaction, adding a business that generates about $7 billion in annual loan volume as it expands its blockchain-based credit marketplace.
Summary
- Figure has agreed to acquire AI-powered real estate lender Kiavi in a $717 million deal that adds about $7 billion in annual loan volume.
- Kiavi’s lending assets will be integrated into Figure’s blockchain marketplace infrastructure, including Democratized Prime and Figure Connect.
- The acquisition extends Figure’s push into tokenized real-world assets and residential mortgage lending as the company expands its onchain credit business.
According to Figure’s announcement on Wednesday, the Nasdaq-listed company will acquire Kiavi’s technology and operating platform, while a joint venture formed with investment firm Sixth Street will purchase Kiavi’s balance sheet assets.
Kiavi specializes in lending to residential real estate investors, and Figure said the acquisition will bring those assets onto its tokenization infrastructure. Through Figure Connect and Democratized Prime, the company plans to support Kiavi’s loan origination process, connect funding sources and trading counterparties, and distribute capital through blockchain-based rails.
“Figure is relentless in our pursuit of moving the capital markets onto blockchain rails, and nine months past our successful IPO, this Kiavi transaction is a further pole vault into tokenization, first-lien diversification and our agentic AI platform.” – Michael Tannenbaum Figure CEO.
Acquisition adds scale to tokenization business
With the deal, Figure expects to add roughly $7 billion in annual volume to its platform. The company said Kiavi would also contribute more than $100 million in monthly flow to Democratized Prime, its marketplace for onchain credit assets.
Arvind Mohan, chief executive of Kiavi, said the transaction represents a significant step for the asset class. Figure stated that Mohan is expected to join the company as chief business officer after the acquisition closes.
Management described Kiavi as a high-margin, asset-light business and said the combined company remains on track for its medium-term EBITDA margin target of 60%.
Executive chairman and co-founder Mike Cagney said blockchain-based capital markets remain at an early stage and argued that bringing entire asset classes onchain requires aggressive expansion.
The acquisition follows several months of activity tied to Figure’s tokenization strategy. In May, Animoca-backed NUVA launched an Ethereum marketplace that connected about $19 billion of tokenized assets from Figure Technologies to decentralized finance applications.
The platform debuted with vaults linked to Figure’s YLDS yield stablecoin and a home equity line of credit pool that had funded more than $16 billion, according to Nuva Labs.
Mortgage push gains another piece
Recent comments from Cagney have also pointed to Figure’s intention to expand beyond home equity lending.
Speaking at Consensus Miami in May, he said the company was targeting the U.S. first-lien mortgage market, particularly loans below $300,000, while using blockchain infrastructure to reduce origination costs and speed up funding.
Adding Kiavi fits into that strategy by increasing Figure’s exposure to residential real estate credit while creating another source of assets for its tokenized marketplace network.
Quarterly results released earlier this year showed the lending business already growing rapidly. In the first quarter of 2026, Figure reported $167 million in adjusted net revenue, up 92% from a year earlier and 6% above analyst expectations. Loan volume reached $2.9 billion during the quarter, a 113% increase from the same period in 2025.
Despite the latest acquisition and the expansion plans in the pipeline, Figure’s shares ended Wednesday down 0.74% at $28.07. The stock has fallen 25.4% over the past month.
