Kiavi

Fintech · Real Estate Lending · Blockchain

Acquisition

Figure closes $717M acquisition of Kiavi, adding $7B in annual loan volume

The deal tests whether tokenized private credit can scale beyond stablecoins and government bonds into real-world mortgage lending.

• Figure Technology Solutions completed its acquisition of Kiavi's technology and operating platform on September 1, 2026, nearly three months after the June 10 merger agreement.
• Kiavi is the top US lender for Residential Transition Loans and DSCR loans, financing fix-and-flip operators and long-term rental property investors.
• A joint venture between Figure and investment firm Sixth Street separately purchased loans off Kiavi's balance sheet, splitting the operating platform from the credit portfolio.
• Figure funded much of the cash consideration by issuing $600 million of 8.5% senior notes.
• Kiavi generated more than $250 million in revenue and over $100 million in EBITDA in 2025, on top of a record $7.8 billion in loan originations that year.
• Kiavi's platform will route through Figure Connect, adding over $7 billion in annual first-lien loan volume and more than $100 million a month to Figure's on-chain Democratized Prime warehouse.
• Figure already commands roughly 75% of the tokenized private-credit market, and absorbing Kiavi expands its footprint in the broader $65 billion real-world-asset tokenization sector.
• The deal is a real-world test of whether AI-underwritten, blockchain-funded lending can scale beyond crypto-native assets into mainstream real estate credit.