Figure Technology Solutions, a blockchain-native capital marketplace, has struck a definitive agreement to acquire Kiavi, an AI-driven lending platform serving residential real estate investors, in a deal totalling $717m.
The transaction is structured in two parts: Figure will take on Kiavi’s technology and operating platform, whilst a newly formed joint venture between Figure and Sixth Street, a global investment firm, will absorb the balance sheet assets by purchasing loans directly from Kiavi.
The acquisition is expected to unlock significant volume for Figure’s existing platforms. Kiavi is projected to add more than $7bn in annual first-lien origination flow to the Figure Connect marketplace, whilst also contributing in excess of $100m per month to Democratized Prime, Figure’s blockchain-native warehouse marketplace, which connects lenders with investors seeking institutional-grade returns.
The deal taps into a $200bn annual addressable origination opportunity that Figure intends to bring onto its tokenised infrastructure.
Figure has set out four strategic rationales for the purchase. First, it advances the company’s goal of moving all real-world assets onto blockchain, with Figure currently accounting for 75% of real-world asset tokenisation, it claimed.
Second, it deepens Figure’s exposure to first-lien lending, a market 25 times larger than second-lien, with the company now projecting that its consumer loan marketplace will be more than 40% first-lien by the end of 2027.
Third, Figure has reaffirmed its target of achieving a 60% medium-term EBITDA margin, with the deal expected to be accretive to earnings per share and deliver an unlevered cash payback within four years.
Fourth, Kiavi will serve as the inaugural use case for Adaptor, Figure’s newest AI product, which enables agent-to-agent onboarding to standardise data from disparate originators across Figure Connect and Democratized Prime, saving partners months of integration time.
Figure CEO Michael Tannenbaum said, “Figure is relentless in our pursuit of moving the capital markets onto blockchain rails, and nine months past our successful IPO, this Kiavi transaction is a further pole vault into tokenization, first-lien diversification and our agentic AI platform. Adding Kiavi’s RTL and DSCR capabilities into our partner network will symbiotically supercharge their growth and the growth of our consumer loan marketplace.”
Kiavi CEO Arvind Mohan said, “For the past 13 years, Kiavi has been focused on powering our data flywheel and proving what’s possible when technology and industry expertise converge.
“This transaction represents a massive leap forward for the asset class. 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.” Following the deal close, Mohan will join Figure’s executive team as Chief Business Officer.
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