Key Takeaways
- Figure agreed to buy Kiavi for $717M, adding AI-powered real estate lending technology.
- Figure expects $7B+ annual loan volume and targets 40%+ first-lien share by 2027.
- Sixth Street backs the deal as Figure expands tokenized lending via Figure Connect.
Figure’s Kiavi Deal to Bring $7 Billion in Loans Onchain
Figure Technology Solutions has agreed to acquire Kiavi, an AI-powered lending platform for residential real estate investors, in a deal designed to move a major private credit asset class onto blockchain rails.
The transaction values the acquisition at $717 million. Under the structure, Figure will acquire Kiavi’s technology and operating platform, while a joint venture between Figure and Sixth Street will purchase Kiavi’s balance sheet assets.
Figure, which trades on Nasdaq under FIGR and on Open under FGRS, operates a blockchain-native capital marketplace for tokenized assets. The company said Kiavi’s loan products will be brought onto Figure Connect and Democratized Prime, its blockchain-based warehouse marketplace.
Kiavi is a major lender in residential transition loans (RTLs), which real estate investors use to buy, renovate, or rent properties. It also offers debt service coverage ratio loans (DSCR), a product already growing within Figure’s portfolio.
Figure said the deal opens access to a $200 billion annual addressable origination market. It expects Kiavi to add more than $7 billion in annual first-lien volume and more than $100 million in monthly flow to Democratized Prime.
Figure CEO Michael Tannenbaum said the acquisition advances the company’s effort to move capital markets onto blockchain rails while expanding its first-lien and AI capabilities. He said:
Adding Kiavi’s RTL and DSCR capabilities into our partner network will symbiotically supercharge their growth and the growth of our consumer loan marketplace.
Kiavi Adds Scale to Figure’s First-Lien Strategy
The acquisition strengthens Figure’s push into first-lien lending, a market the company says is 25 times larger than second-lien loans. Figure’s first-lien segment grew about 2.5 times year over year in 2025, and the company expects first-lien products to represent more than 40% of consumer loan marketplace volume for full-year 2027.
The deal will also serve as the first use case for Adaptor, Figure’s new AI product for agent-to-agent onboarding. Adaptor is designed to standardize different originator data formats across Figure Connect and Democratized Prime, reducing onboarding time for partners.
Kiavi CEO Arvind Mohan said the transaction represents a major step for the asset class. After the deal closes, Mohan will join Figure’s executive team as chief business officer. He remarked:
With Kiavi’s industry-leading platform powered by Figure’s innovative blockchain marketplace, we have the opportunity to deliver an entirely new and unmatched standard of reach, reliability, and execution.
Kiavi reported more than $250 million in revenue and over $100 million in EBITDA last year. The company uses AI for real estate lending decisions, including post-renovation home value estimates and document review.
Sixth Street, a longtime Figure partner, will support the transaction through the joint venture buying Kiavi’s loans.
