Figure to buy Kiavi for $717M, put $7B loans onchain

Figure Technology Solutions agreed to acquire Kiavi’s technology and operating platform for $717 million, while a joint venture between Figure and investment firm Sixth Street will buy Kiavi’s loan portfolio. Figure expects the deal to bring more than $7 billion in annual first‑lien loan volume onto its blockchain marketplace.

Under the agreement, Figure will add Kiavi’s lending products to Figure Connect and Democratized Prime, the company’s blockchain-based capital markets platforms. Kiavi is a lender in residential transition loans, used by investors to buy, renovate and rent properties, and offers debt service coverage ratio loans. The joint venture will retain Kiavi’s balance-sheet loans while Figure takes on the technology and operations.

Figure estimates the transaction gives access to an approximately $200 billion annual addressable origination market. The company expects Kiavi to contribute more than $100 million in monthly flow to Democratized Prime and to add over $7 billion in annual first‑lien volume. Figure projects first‑lien products will represent more than 40% of its consumer loan marketplace by 2027.

Figure’s first‑lien segment grew about 2.5 times year over year in 2025. The company has described the first‑lien market as roughly 25 times the size of second‑lien loans.

The acquisition will be the first use case for Adaptor, Figure’s AI tool that standardizes originator data across partners to speed onboarding and reduce integration work. Kiavi uses artificial intelligence in underwriting, including automated estimates of post‑renovation home values and automated document review; Figure plans to integrate those capabilities into its tokenized lending marketplace.

Michael Tannenbaum, Figure’s chief executive, described the acquisition as advancing the effort to move capital-market activity onto blockchain rails while expanding the company’s first‑lien and AI capabilities.

Arvind Mohan, Kiavi’s chief executive, will join Figure as chief business officer after the transaction closes. Mohan commented: “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.”

Sixth Street will support the transaction by purchasing Kiavi’s loans through the joint venture. Kiavi reported more than $250 million in revenue and over $100 million in EBITDA in its last fiscal year.

Figure trades on Nasdaq as FIGR and on Open Finance as FGRS. The companies did not disclose a closing date; the transaction remains subject to regulatory approvals and customary closing conditions.