Figure Technology Solutions, Inc.: Figure Enters into Agreement to Acquire Kiavi, Bolstering Blockchain-Native Marketplace

Figure Technology Solutions, Inc. (Nasdaq: FIGR) has entered into a definitive agreement to acquire Kiavi, an AI-powered lending platform specializing in residential real estate investor financing. The $717 million transaction includes Kiavi’s technology and operating platform, with Sixth Street purchasing Kiavi’s balance sheet assets in a joint venture. Kiavi’s AI-driven products—Residential Transition Loans (RTL) and Debt Service Coverage Ratio (DSCR) loans—will integrate into Figure’s blockchain-native marketplace, adding $7 billion in annual first-lien volume and over $100 million monthly to its Democratized Prime platform. The acquisition supports Figure’s mission of modernizing capital markets through tokenization, with Kiavi expected to instantly boost Figure’s real-world asset tokenization volume. Figure currently handles 75% of such tokenization, and the deal aligns with its goal of expanding into the $200 billion annual origination opportunity while reinforcing its first-lien focus. Figure’s first-lien segment grew 2.5 times year-over-year in 2025, and Kiavi’s integration aims to push its consumer loan marketplace volume to 40%+ first-lien by 2027. The transaction also strengthens Figure’s financial targets, with the combined businesses expected to maintain a high-margin, asset-light model and achieve unlevered cash payback in under four years. Additionally, Kiavi’s assets will serve as the first use case for Figure’s new AI product, Adaptor, which streamlines agent-to-agent onboarding by standardizing disparate data schemes, saving partners months of setup time. Michael Tannenbaum, Figure’s CEO, emphasized the deal’s role in advancing blockchain adoption in capital markets, diversifying first-lien offerings, and leveraging AI-driven efficiency. Kiavi’s RTL and DSCR capabilities will enhance Figure’s partner network and consumer loan growth, while the acquisition reaffirms Figure’s 60% medium-term EBITDA margin target. The transaction reflects Figure’s strategic focus on scaling tokenized assets, integrating high-growth lending products, and optimizing operational efficiency through AI. With Kiavi’s integration, Figure aims to accelerate its position as a leader in blockchain-native capital markets for real estate and beyond.