Figure to buy Kiavi for $717M, bring loans on-chain

Figure Technology Solutions announced Wednesday it will acquire Kiavi’s technology and operating platform for $717 million. A joint venture between Figure and investment firm Sixth Street will purchase Kiavi’s balance-sheet loan assets.

Figure plans to migrate Kiavi’s loan origination flow, trading counterparties and funding distribution onto its blockchain marketplace and lending infrastructure. The company operates non-bank lending products including home equity lines of credit and runs platforms such as Figure Connect and Democratized Prime, which support tokenization and on-chain trading of consumer credit assets.

Figure expects Kiavi to contribute about $7 billion in annual loan volume and more than $100 million of monthly flow to Democratized Prime. The company described Kiavi as a high-margin, asset-light platform and said the combined business should support a medium-term EBITDA margin target of 60%. Figure reported it currently handles roughly 75% of real-world asset tokenization.

Arvind Mohan, Kiavi’s chief executive, is expected to join Figure as chief business officer once the transaction closes. Michael Tannenbaum, Figure’s chief executive, described the acquisition as “a further pole vault into tokenization, first-lien diversification and our agentic AI platform.” Figure co-founder and executive chairman Mike Cagney added that blockchain markets are still in early stages and require bold action to expand on-chain capital markets.

Figure reported first-quarter 2026 adjusted net revenue of $167 million, up 92% year-over-year, and loan originations of $2.9 billion, up 113% from the prior year. The company completed its initial public offering nine months earlier. Financial terms for the separate joint-venture purchase of Kiavi’s loan assets were not disclosed beyond the $717 million technology-platform purchase price.

Shares of Figure closed down 0.74% at $28.07 on the day the transaction was announced. The company said it will integrate Kiavi’s AI underwriting and operating tools with its tokenization and trading infrastructure to enable on-chain trading and funding of residential real estate investor loans.