Figure to acquire Kiavi for $717 million to expand RWA tokenization network

Figure Technology Solutions has agreed to acquire Kiavi, an AI-powered real estate lending platform for residential real estate investors, in a $717 million deal as the company expands its tokenization push.

The Nasdaq-listed company announced Wednesday that it has agreed to acquire Kiavi's technology and operating platform. At the same time, a joint venture between Figure and investment firm Sixth Street is set to purchase Kiavi's balance sheet assets.

Figure Technology operates as a non-bank provider of home equity lines of credit (HELOCs) and runs platforms including Figure Connect and Democratized Prime, which facilitate the tokenization and onchain trading of consumer credit assets.

With the acquisition, Figure said it will bring Kiavi's assets onto its blockchain marketplace rails, where its infrastructure will facilitate Kiavi's loan origination flow, trading counterparties, and funding distribution to improve efficiency and reduce costs.

"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 in the statement.

Further growth

Figure noted that it currently accounts for 75% of real-world asset tokenization. Kiavi is expected to contribute $7 billion in annual volume, including over $100 million of monthly flow on Democratized Prime, according to its statement.

Arvind Mohan, CEO of Kiavi, said the deal "represents a massive leap forward for the asset class." Mohan is expected to join Figure as chief business officer upon completion of the deal.

The company also described Kiavi as a "high-margin and asset-light" platform, adding that the combined business is expected to support 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 deal comes after Figure reported strong first-quarter growth in its lending business. In Q1 2026, Figure posted $167 million in adjusted net revenue, beating consensus by 6% and up 92% year-over-year. Its loan volume reached $2.9 billion during the quarter, up 113% year-on-year.

Figure's Nasdaq-listed shares closed down 0.74% at $28.07 on Wednesday, with the stock remaining down 25.4% over the past month.