Figure Technology Solutions closed its $717 million acquisition of Kiavi on September 1, bringing one of the largest US lenders to residential real-estate investors onto blockchain infrastructure. The deal combines Kiavi's lending operations with Figure's tokenized finance platform, integrating more than $7 billion in annual lending volume onto the blockchain.
The transaction was structured in two parts: Figure acquired Kiavi's technology, operating platform, and certain assets, while a joint venture between Figure and Sixth Street purchased loans from Kiavi's balance sheet. Figure's cash consideration was approximately $590 million, funded primarily through $600 million in 8.500% senior notes due 2031. Figure also paid off Kiavi's outstanding credit obligations and terminated a repurchase arrangement with Deutsche Bank.
Technology and Integration
Kiavi brings an AI-driven platform featuring a proprietary home-value engine and automated document review technology designed to streamline financing for residential property investors. Figure plans to use Kiavi's assets as the first use case for Adaptor, its agent-to-agent onboarding product. Kiavi CEO Arvind Mohan is joining Figure as Chief Business Officer to lead the platform rollout.
Market Significance
The deal represents a test case for tokenized lending beyond government bonds and stablecoins. Kiavi's origination flow, supported by more than 480 active partners, will demonstrate whether blockchain-based funding and settlement can compete with traditional financial infrastructure in the residential lending space.
Figure currently holds approximately 75% market share of tokenized private credit as of the end of 2025. Kiavi recorded $7.8 billion in total lending in 2025, adding a new lending category to the tokenized real-world assets market. The real-world assets market reached approximately $65 billion in May, representing growth from $45 billion at the beginning of 2026.
Figure has indicated its existing third-quarter guidance does not yet include Kiavi and plans to update its outlook when reporting third-quarter results, providing the first post-closing indication of whether projected volumes translate to actual marketplace growth.
