Figure to acquire Kiavi for $717M, routing $7B/yr RE credit onto its RWA rails

Figure Technology Solutions has agreed to acquire AI-powered real estate lending platform Kiavi in a $717 million deal, as the Nasdaq-listed firm accelerates its push into real-world asset tokenization. Figure will buy Kiavi’s technology and operating platform, while a joint venture between Figure and investment firm Sixth Street will acquire Kiavi’s balance sheet assets.

Figure, a non-bank HELOC provider, already runs Figure Connect and Democratized Prime, platforms for tokenizing and trading consumer credit onchain. The company said Kiavi’s loan origination flow, trading counterparties and funding distribution will be migrated onto its blockchain marketplace rails, aiming to cut costs while keeping a capital-light, high-margin model. “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,” Figure CEO Michael Tannenbaum said.

Figure claims it currently accounts for 75% of RWA tokenization, and expects Kiavi to add about $7 billion in annual volume, including more than $100 million of monthly flow on Democratized Prime. Kiavi CEO Arvind Mohan called the transaction “a massive leap forward for the asset class” and is set to join Figure as chief business officer once the deal closes. Figure described Kiavi as a high-margin, asset-light business, saying the combined platform supports its medium-term EBITDA margin target of 60%.

“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,” said Mike Cagney, co-founder and executive chairman of Figure. The acquisition follows strong Q1 2026 results for Figure’s lending business, with adjusted net revenue of $167 million, up 92% year-over-year and 6% above consensus, and loan volume of $2.9 billion, up 113% year-on-year.

The deal adds a scaled, AI-driven residential investor lending franchise to Figure’s tokenization stack and extends its footprint beyond consumer HELOCs into first-lien real estate credit. It also tightens Figure’s grip on RWA origination and flow at a time when multiple chains and TradFi players are vying for RWA volume, though the stock remains under pressure, closing at $28.07 on Wednesday and down 25.4% over the past month.