Figure to Acquire Kiavi in $717 Million Deal Amid Tokenization Push

Figure Technology Solutions has agreed to acquire residential loan originator Kiavi in a $717 million deal, integrating the largest U.S. residential transition loan originator onto its blockchain platform. The transaction is structured across two buyers: Figure will purchase Kiavi's technology and operating platform, while a joint venture with Sixth Street will acquire the loans on Kiavi's balance sheet.

The acquisition provides Figure with an AI-powered platform that finances real estate investors, unlocking what the company describes as a $200 billion annual addressable origination opportunity for its tokenized infrastructure. Kiavi originates both short-term Residential Transition Loans and longer-term Debt Service Coverage Ratio loans.

The deal is expected to add over $7 billion in annual first-lien volume to Figure Connect and more than $100 million in monthly flow to its Democratized Prime marketplace. Figure, which currently accounts for 75% of real-world asset tokenization, aims to reduce costs and friction by moving Kiavi's lending onto its blockchain rails.

This move deepens Figure's focus on first-lien lending, a segment that grew approximately 2.5 times year-over-year in 2025. The acquisition follows a period of stock volatility for Figure after a Q4 earnings miss. Kiavi reported over $250 million in revenue and $100 million in EBITDA last year, with more than $30 billion in loans funded since its 2013 launch.

CEO Michael Tannenbaum stated the deal advances the company's strategy to move capital markets onto blockchain. Kiavi's loans will be the first use case for Figure's new AI product, Adaptor, which standardizes originator data. Kiavi CEO Arvind Mohan will join Figure as Chief Business Officer upon deal closure. The acquisition extends a busy year for Figure, which recently disclosed a data breach from a social-engineering attack.