Figure to Buy Kiavi in $717M Deal to Turbocharge Blockchain Lending
Figure Technology Solutions is making a bold move to expand its blockchain-based capital markets platform, announcing a $717 million agreement to acquire Kiavi, an AI-powered lending platform serving residential real estate investors. The deal includes a joint venture with Sixth Street to purchase loans off Kiavi’s balance sheet.
Kiavi has spent 13 years building a data-driven lending operation focused on short-term Residential Transition Loans and long-term Debt Service Coverage Ratio loans for investors looking to buy, renovate, and rent investment properties at scale.
For Figure, the acquisition is a strategic accelerant on multiple fronts. Kiavi is expected to add $7 billion in annual origination volume, including more than $100 million in monthly flow through Democratized Prime, Figure’s blockchain-native warehouse marketplace. Figure currently accounts for 75% of real-world asset tokenization, and Kiavi’s loan volume will feed directly into that infrastructure, moving more assets onto blockchain rails at lower operational cost than traditional financial platforms.
The deal also advances Figure’s diversification into first-lien lending, a market 25 times larger than second-lien, according to the company. With Kiavi folded in, Figure projects its consumer loan marketplace volume will exceed 40% first-lien for the full year 2027, building on approximately 2.5x year-over-year growth in its first-lien segment in 2025.
“This Kiavi transaction is a further pole vault into tokenization, first-lien diversification and our agentic AI platform,” said Figure CEO Michael Tannenbaum. The company reaffirmed its 60% EBITDA margin target alongside the announcement.
“For the past thirteen years, Kiavi has been focused on powering our data flywheel and proving what’s possible when technology and industry expertise converge,” added Kiavi CEO Arvind Mohan. “This transaction represents a massive leap forward for the asset class.”
Barclays Capital Inc. served as exclusive financial advisor to Figure and Sixth Street, and Jefferies LLC served as exclusive financial advisor to Kiavi. Latham & Watkins served as legal counsel to Figure, Wachtell, Lipton, Rosen & Katz served as legal counsel to Sixth Street and Wilson Sonsini Goodrich & Rosati served as legal counsel to Kiavi.
