Nikolas Sargeant
TL;DR
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Figure to acquire Kiavi’s technology and operating platform.
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Figure said moving Kiavi assets onchain could reduce costs while maintaining a capital-light, high-margin business model.
Figure Technology Solutions has agreed to acquire AI-powered real estate lending platform Kiavi in a $717 million deal, marking a major expansion of its push into blockchain-based capital markets and tokenized assets.
The Nasdaq-listed firm announced that it will acquire Kiavi’s technology and operating platform, while a joint venture between Figure and investment firm Sixth Street will separately purchase Kiavi’s balance sheet assets.
Strengthening Blockchain Lending Infrastructure
Figure Technology operates as a non-bank provider of home equity lines of credit (HELOCs) and runs platforms such as Figure Connect and Democratized Prime, which focus on tokenizing and trading consumer credit assets onchain.
Following the acquisition, Figure plans to integrate Kiavi’s lending operations into its blockchain marketplace infrastructure.
This will support loan origination, funding distribution, and trading counterparties, with the goal of improving efficiency and reducing operational costs.
According to Figure, the acquisition will further accelerate its strategy to move traditional financial assets onto blockchain rails.
CEO Michael Tannenbaum described the deal as a major step in the company’s broader tokenization roadmap.
“Figure is relentless in our pursuit of moving the capital markets onto blockchain rails,” Tannenbaum said, adding that the Kiavi acquisition represents a “pole vault into tokenization, first-lien diversification and our agentic AI platform.”
Kiavi to Add $7 Billion in Annual Volume
Figure noted that it already accounts for roughly 75% of real-world asset tokenization activity within its ecosystem. Kiavi is expected to contribute approximately $7 billion in annual loan volume, including more than $100 million in monthly flow through Figure’s Democratized Prime platform.
Kiavi CEO Arvind Mohan said the deal marks “a massive leap forward for the asset class.” He is expected to join Figure as chief business officer after the transaction closes.
Figure described Kiavi as a “high-margin and asset-light” business, stating that the combined company is expected to support a medium-term EBITDA margin target of 60%.
The company emphasized that blockchain-based capital markets remain in an early stage, but require aggressive expansion to reach scale.
Mike Cagney, Figure co-founder and executive chairman, said the firm must “make bold moves to bring entire asset classes on chain.”
The acquisition follows a strong financial quarter for Figure. In Q1 2026, the company reported:
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$167 million in adjusted net revenue, up 92% year-over-year
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Revenue performance exceeding consensus estimates by 6%
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$2.9 billion in loan volume, up 113% year-over-year
Despite this growth, Figure’s stock closed down 0.74% at $28.07, extending a broader monthly decline of 25.4%.
The deal reinforces Figure’s long-term strategy to build blockchain-based capital markets where lending, credit trading, and asset distribution occur onchain.
By integrating Kiavi’s lending platform into its infrastructure, Figure is positioning itself to deepen its role in real-world asset tokenization and expand institutional participation in blockchain-based credit markets.
