Figure Technology Solutions has agreed to acquire Kiavi, an AI-powered lending platform for residential real estate investors, in a transaction valued at $717 million. Under the deal structure, Figure will acquire Kiavi's technology and operating platform, while a joint venture between Figure and Sixth Street will purchase Kiavi's balance sheet assets. The acquisition is designed to move residential transition loans and debt service coverage ratio loans onto blockchain rails through Figure Connect and Democratized Prime, Figure's blockchain-based warehouse marketplace, targeting a $200 billion annual addressable origination market.
Figure and Sixth Street Structure $717 Million Kiavi Acquisition
The transaction splits the acquisition between Figure's purchase of Kiavi's technology and operating platform and a joint venture between Figure and Sixth Street acquiring Kiavi's balance sheet assets. Figure, which trades on Nasdaq under FIGR and on Open under FGRS, operates a blockchain-native capital marketplace for tokenized assets. The company said Kiavi's loan products will be brought onto Figure Connect and Democratized Prime.
Kiavi is a major lender in residential transition loans (RTLs), which real estate investors use to buy, renovate, or rent properties. It also offers debt service coverage ratio loans (DSCR), a product already growing within Figure's portfolio. Kiavi reported more than $250 million in revenue and over $100 million in EBITDA last year.
Kiavi Adds $7 Billion Annual Loan Volume to Figure Platform
Figure expects Kiavi to add more than $7 billion in annual first-lien volume and more than $100 million in monthly flow to Democratized Prime. The company said the deal opens access to a $200 billion annual addressable origination market. Figure's first-lien segment grew about 2.5 times year over year in 2025, and the company expects first-lien products to represent more than 40% of consumer loan marketplace volume for full-year 2027.
Figure CEO Michael Tannenbaum said the acquisition advances the company's effort to move capital markets onto blockchain rails while expanding its first-lien and AI capabilities. He stated, "Adding Kiavi's RTL and DSCR capabilities into our partner network will symbiotically supercharge their growth and the growth of our consumer loan marketplace."
The deal will serve as the first use case for Adaptor, Figure's new AI product for agent-to-agent onboarding. Adaptor is designed to standardize different originator data formats across Figure Connect and Democratized Prime, reducing onboarding time for partners. Kiavi uses AI for real estate lending decisions, including post-renovation home value estimates and document review.
Arvind Mohan Joins Figure as Chief Business Officer Post-Closing
Kiavi CEO Arvind Mohan will join Figure's executive team as chief business officer after the deal closes. Mohan said the transaction represents a major step for the asset class, remarking, "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."
Sixth Street, a longtime Figure partner, will support the transaction through the joint venture buying Kiavi's loans. Figure said the acquisition strengthens its push into first-lien lending, a market the company says is 25 times larger than second-lien loans.
FAQ
What did Figure acquire from Kiavi in the $717 million deal?
Figure will acquire Kiavi's technology and operating platform, while a joint venture between Figure and Sixth Street will purchase Kiavi's balance sheet assets. Kiavi's residential transition loan and debt service coverage ratio loan products will be integrated into Figure Connect and Democratized Prime.
How much annual loan volume will Kiavi add to Figure's platform?
Figure expects Kiavi to add more than $7 billion in annual first-lien volume and more than $100 million in monthly flow to Democratized Prime. The deal provides access to a $200 billion annual addressable origination market.
What role will Arvind Mohan have after the acquisition closes?
Kiavi CEO Arvind Mohan will join Figure's executive team as chief business officer following the completion of the transaction.
