Key facts
- Figure Technology Solutions is acquiring Kiavi for $717 million.
- The acquisition aims to expand Figure's real-world asset tokenization network.
- Kiavi's technology and operating platform will be acquired by Figure.
- Kiavi's balance sheet assets will be purchased by a joint venture between Figure and Sixth Street.
- Figure claims to account for 75% of real-world asset tokenization.
- Kiavi is expected to contribute $7 billion in annual volume to Figure's network.
Figure Technology Solutions has announced its agreement to acquire Kiavi, an AI-powered real estate lending platform, for $717 million. This acquisition is part of Figure's strategy to expand its tokenization network for real-world assets (RWAs).
Under the terms of the deal, Figure will acquire Kiavi's technology and operating platform, while a joint venture between Figure and investment firm Sixth Street will purchase Kiavi's balance sheet assets. Figure, which operates as a non-bank provider of home equity lines of credit, aims to integrate Kiavi's assets onto its blockchain marketplace. This integration is expected to streamline loan origination, trading, and funding distribution, thereby improving efficiency and reducing costs.
Figure CEO Michael Tannenbaum highlighted the transaction as a significant step in moving capital markets onto blockchain rails and diversifying first-lien assets. Kiavi is anticipated to contribute $7 billion in annual volume and over $100 million in monthly flow to Figure's Democratized Prime platform. Kiavi CEO Arvind Mohan stated the deal represents a major advancement for the asset class and is expected to join Figure as chief business officer upon completion.
Figure described Kiavi as an "asset-light" platform and anticipates the combined business will support its medium-term EBITDA margin target of 60%. Co-founder and executive chairman Mike Cagney emphasized the need for bold moves to bring entire asset classes on-chain, acknowledging that on-chain capital markets are still in their early stages.
The acquisition follows a period of strong growth for Figure, which reported $167 million in adjusted net revenue for Q1 2026, exceeding consensus estimates by 6% and marking a 92% year-over-year increase. The company's loan volume reached $2.9 billion in the first quarter, up 113% year-on-year. Figure's Nasdaq-listed shares closed down 0.74% at $28.07 on Wednesday, continuing a month-long decline of 25.4%.