Figure completes a $717 million Kiavi transaction and moves a $7 billion loan business to blockchain

Figure Technology Solutions completes $717 million acquisition of Kiavi

Figure Technology Solutions completed its $717 million acquisition of Kiavi on Tuesday, bringing one of the largest residential real estate investor lenders in the United States to the blockchain track. The acquisition was completed on September 1 and was confirmed in Figure's acquisition announcement and its Form 8-K filed with the Securities and Exchange Commission.

This deal provides an opportunity for the crypto industry to test whether tokenized loans can go beyond stablecoins and government bonds. At the same time, it is also an experiment in the field of financial technology, aiming to verify whether artificial intelligence-based underwriting and blockchain financing have the potential for institutional applications.

According to Figure's acquisition announcement on June 10, Kiavi is expected to add more than US$7 billion in senior lien loans to Figure Connect every year, of which more than US$100 million will flow into Figure's online lending platform Democratic Prime every month.

Why tokenization supporters are concerned about this transaction

Tokenization of real-world assets (RWA) has experienced rapid growth, but remains relatively concentrated. According to market information, the RWA market size has reached approximately US$65 billion in May, an increase of approximately 44% compared with US$45 billion at the beginning of 2026. This trend was also analyzed in a report.

Figure has occupied a prominent position in the private credit field. US Securities and Exchange Commission documents show that as of the end of 2025, its tokenized private credit market share was approximately 75%; while as of the end of May, Provenance Blockchain accounted for approximately 27% of RWA's total market at the blockchain level.

The acquisition of Kiavi will significantly increase Figure's loan volume in the tokenization area. In 2025, Kiavi recorded a maximum loan total of US$7.8 billion, adding multiple loan models to the RWA market (in addition to government loans).

Figure How much was paid and how it was paid

The $717 million deal has two main components. According to a transaction announcement on June 10, Figure acquired Kiavi's technology, operating platform and some other assets, while the joint venture between Figure and Sixth Street purchased loans from Kiavi's balance sheet.

Based on the cash from the acquisition, Figure actually paid approximately US$590 million. In its Form 8-K filed on September 1, it disclosed that payments were mainly made through the issuance of US$600 million in senior notes with an interest rate of 8.500%, due in 2031. The note was priced on July 9 and completed for delivery on July 14.

Figure also repaid Kiavi's outstanding credit debt at the time of completion of the transaction and terminated the repurchase agreement with Deutsche Bank.

AI layer in transactions

Kiavi brings a complete set of services, not just a loan book. It has an AI-driven platform that includes a proprietary home value engine, automated document review technology and other tools designed to simplify the financing process for residential real estate investors.

At the same time, Figure describes blockchain as its structured data infrastructure, while custom AI serves as the decision-making layer. Kiavi's assets are expected to be the first use case of Figure's agent-to-agent online product Adaptor.

Kiavi CEO Arvind Mohan will join Figure as chief business officer responsible for the launch of the platform.

"Integrating Kiavi's talent, platform and technology into Figure will greatly accelerate our roadmap as we expand the market."-- Figure CEO Michael Tannenbaum

Tannenbaum also highlighted the size of the home equity market Figure is targeting.

"This transaction represents a huge leap forward for the asset class."-- Kiavi CEO Arvind Mohan

What it means for the broader market

For cryptocurrencies, the key question is whether tokenized private credit can achieve the same scale as tokenized treasury bonds. Figure bets that Kiavi's loan generation stream, backed by more than 480 active partners, can prove that blockchain-based financing and settlement can compete with traditional financial infrastructure.

For artificial intelligence, the stakes are that automated underwriting, document processing and loan originator online can reduce the cost of migrating entire loan classes to the digital orbit.

Figure said its existing third-quarter consumer loan market guidance does not yet include Kiavi. It plans to update its outlook when it publishes third-quarter results, when investors will see for the first time whether expected lending volumes translate into actual market growth after the deal closes.