Figure Technology Solutions announced a definitive agreement to acquire AI-powered lending platform Kiavi in a transaction valued at $717 million. The deal includes the acquisition of Kiavi’s operating platform, while a joint venture between Figure and Sixth Street will purchase loans held on Kiavi’s balance sheet.
The acquisition brings one of the nation’s largest non-bank lenders to residential real estate investors into Figure’s blockchain-based ecosystem. Kiavi has funded more than $30 billion in loans and generated over $250 million in revenue and more than $100 million in EBITDA during a record 2025. Its products include Residential Transition Loans and Debt Service Coverage Ratio loans, creating what Figure estimates is a $200 billion annual addressable origination opportunity.
Figure said the acquisition will add more than $7 billion in annual first-lien loan volume to its Figure Connect marketplace and contribute more than $100 million in monthly flow to Democratized Prime, the company’s blockchain-native lending marketplace. Figure expects the transaction to support its target of achieving a 60% medium-term EBITDA margin while remaining an asset-light business. The company also plans to use Kiavi assets as the first application for Adaptor, its new AI product designed to enable agent-to-agent onboarding across disparate originator data systems.
Following the close of the transaction, Kiavi Chief Executive Officer Arvind Mohan will join Figure’s executive team as Chief Business Officer. Barclays advised Figure and Sixth Street, while Jefferies served as financial advisor to Kiavi.
KEY QUOTES:
“Figure is relentless in our pursuit of moving the capital markets onto blockchain rails, and eight 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.”
Michael Tannenbaum, CEO of Figure
“For the past thirteen 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.”
Arvind Mohan, CEO of Kiavi
“As long-standing partners of Figure, we are proud to continue working together as Kiavi joins the Figure platform. We are pleased to be contributing our residential mortgage and private credit expertise to support Kiavi’s growth as a leading originator.”
Michael Dryden, Partner and Head of Asset Based Finance at Sixth Street
“Blockchain is a big idea, but the on-chain capital markets are in their infancy. Figure needs to make bold moves to bring entire asset classes on chain.”
Mike Cagney, Co-Founder and Executive Chairman of Figure
