TL;DR:
- Figure agreed to acquire Kiavi for $717 million to bring the largest residential loan lender into its blockchain marketplace.
- The deal adds more than $7 billion in annual first mortgage volume to Connect and opens a market with a potential of $200 billion.
- Kiavi generated more than $250 million in revenue and more than $100 million in EBITDA last year; the cash return is estimated at under four years.
Figure Technology Solutions announced a definitive agreement to acquire Kiavi, an artificial intelligence-powered lending platform focused on residential real estate investors, for a total of $717 million. The transaction includes the acquisition of Kiavi’s technology and operational platform, while a joint venture between Figure and Sixth Street will acquire the company’s balance sheet assets.
With this deal, Figure brings the largest Residential Transition Loans lender in the U.S. market into its blockchain-native marketplace, which consolidates the origination, financing, sale and trading of tokenized assets. The company noted that the acquisition represents an annual generation opportunity of $200 billion and projects adding more than $7 billion in new annual first mortgage volume to its Connect platform, as well as more than $100 million per month to Democratized Prime, its blockchain-native warehouse marketplace.
Figure Bets on First Mortgage and Tokenized Assets
Kiavi offers short-term residential loans for property renovation and long-term loans for rental purposes —known as DSCR loans—, a segment that was already part of Figure‘s portfolio. Integrating these assets onto the firm’s tokenized rails aims to reduce operational constraints and maintain the capital-light business model the company has built since its IPO in 2025.
The acquisition also represents the first use case of Adaptor, Figure’s new artificial intelligence agent-to-agent product designed to standardize originator data across Connect and Democratized Prime. According to the company, this tool can save partners months of work during the onboarding process.
Michael Tannenbaum, CEO of Figure, stated that the transaction represents “a new leap” toward tokenization, first mortgage diversification and the company’s agentic AI platform, nine months after its stock market debut.
