TheBlock
Figure Technology Solutions has agreed to acquire Kiavi, an AI-powered real estate lending platform for residential investors, in a $717 million deal announced Wednesday, with the Nasdaq-listed company framing the transaction as the next leg of its real-world asset tokenization push.
A separate joint venture between Figure and investment firm Sixth Street will purchase Kiavi's balance sheet assets in parallel, letting Figure absorb Kiavi's origination technology and onchain trading infrastructure while a partner vehicle holds the underlying credit. Kiavi CEO Arvind Mohan is set to join Figure as chief business officer upon close.
Why it matters
Figure says it currently accounts for 75% of real-world asset tokenization — a market-share claim that makes the Kiavi acquisition more than a tuck-in. Kiavi is expected to contribute roughly $7 billion in annual volume, including over $100 million of monthly flow on Figure's Democratized Prime marketplace. On the strategic side, Figure CEO Michael Tannenbaum called the deal "a further pole vault into tokenization, first-lien diversification and our agentic AI platform," while co-founder and executive chairman Mike Cagney framed it as part of a deliberate push to bring entire asset classes on chain rather than run isolated tokenization pilots.
The combined business is expected to support Figure's medium-term EBITDA margin target of 60%, with Kiavi described as high-margin and asset-light. Figure posted $167 million in adjusted net revenue in Q1 2026, up 92% year-over-year and 6% above consensus, with loan origination volume of $2.9 billion, up 113% year-on-year — the operating backdrop against which the acquisition is being priced.
Market impact
The Kiavi deal extends a wave of consolidation in tokenized credit and RWA infrastructure, where platforms with proven origination flow are being absorbed by onchain-native operators trying to convert real volume into tokenized instruments.
Frequently asked questions
-
What is Figure acquiring Kiavi for?
Figure Technology Solutions has agreed to acquire Kiavi, an AI-powered residential real estate lending platform, in a $717 million deal announced Wednesday. A parallel Figure–Sixth Street joint venture will separately purchase Kiavi's balance sheet assets.
-
How much volume is Kiavi expected to bring to Figure?
Figure said Kiavi is expected to contribute roughly $7 billion in annual loan volume, including over $100 million of monthly flow on Figure's Democratized Prime marketplace.
-
What share of real-world asset tokenization does Figure claim?
Figure said it currently accounts for 75% of real-world asset tokenization, a market-share figure the company highlighted alongside the Kiavi deal as evidence of its tokenization push.
-
Who is joining Figure's leadership from Kiavi?
Kiavi CEO Arvind Mohan is set to join Figure as chief business officer upon close of the acquisition. He called the deal "a massive leap forward for the asset class."
-
How did Figure perform in Q1 2026 ahead of the deal?
Figure posted $167 million in adjusted net revenue in Q1 2026, up 92% year-over-year and 6% above consensus, with loan origination volume of $2.9 billion, up 113% year-on-year.
Crypto Rank News
CoinDesk
CZ Binance
Lookonchain
CryptoSlate