Figure Technology Acquires Kiavi for $717 Million
Figure Technology Solutions announced a $717 million deal to acquire Kiavi, a real estate lending platform. The acquisition will integrate Kiavi into Figure's blockchain-based lending marketplace, significantly expanding its reach.
Yuri Konnov
Kiavi, founded in 2013 as LendingHome and subsequently rebranded, specialises in Residential Transition Loans — commonly known as fix-and-flip financing — and Debt Service Coverage Ratio loans for rental properties. The company reported more than $250 million in revenue and more than $100 million in EBITDA in its most recent fiscal year, and has funded more than $30 billion in loans across more than 100,000 transactions since inception. Figure expects the acquisition to add $7 billion in annual first-lien origination volume to its Figure Connect marketplace and more than $100 million monthly to Democratized Prime, its blockchain-native warehouse financing platform.
The deal marks a deliberate pivot for Figure into first-lien lending, a market the company estimates is roughly 25 times larger than the second-lien segment — primarily home equity lines of credit — where it built its initial business. Figure also identified the transaction as the first deployment of Adaptor, its new AI product designed for agent-to-agent onboarding and data standardisation across asset classes. Figure's acquisition announcement cited a $200 billion annual addressable origination opportunity associated with the combined platform.
Following the close, Kiavi's chief executive Arvind Mohan will join Figure's executive team as Chief Business Officer. Figure reaffirmed its medium-term 60% EBITDA margin target and stated it expects the transaction to be accretive to earnings per share, with unlevered cash payback in under four years. The company also claims to account for approximately 75% of real-world asset tokenization activity, a figure it cited in the context of the acquisition's expected contribution to blockchain adoption in capital markets.
Figure Technology Solutions completed its initial public offering on September 11, 2025, listing on Nasdaq under the ticker FIGR at $25 per share and raising $787.5 million. The company, founded in 2018 by Mike Cagney and June Ou and headquartered in Reno, Nevada, operates Provenance Blockchain, a public protocol for financial services. As of May 20, 2026, Figure's market capitalisation stood at $8.05 billion. In August 2025, Figure merged with subsidiary Figure Markets, consolidating its lending, trading, and yield-generation functions into a single entity ahead of the IPO.
Kiavi's profile as a high-volume non-bank lender to residential real estate investors gives Figure immediate origination scale that its organic growth in the HELOC and consumer credit markets had not yet produced. The joint venture structure with Sixth Street is designed to avoid the capital intensity that typically accompanies balance sheet lending, allowing Figure to record origination and technology revenue without warehousing the underlying mortgage assets directly on its own books.
Several material details were not disclosed in the announcement. The companies have not published the precise equity and debt components of the $717 million consideration, the regulatory approvals required before closing, or the expected closing date. The announcement does not specify how Kiavi's loan origination infrastructure will be migrated to Provenance Blockchain, the timeline for that migration, or which counterparties will participate in the Sixth Street joint venture beyond the two named parties. The 75% RWA tokenization activity claim has not been attributed to an independent third-party measurement, and the $200 billion addressable origination figure is a company estimate rather than a verified market study.
The immediate concrete effect of the transaction, as announced, is a signed definitive agreement under which Figure will acquire Kiavi's operating platform and technology for $717 million, with Kiavi's balance sheet assets moving into a separate joint venture with Sixth Street. The announcement does not establish a completed transfer of Kiavi's lending operations to Provenance Blockchain, a regulatory clearance for the transaction, or a live integrated product already processing loans under Figure's blockchain infrastructure.
