Key Takeaways
- • Figure Technology Solutions completed its $717 million acquisition of Kiavi, a major nonbank lender specializing in residential transition loans (RTL) and debt-service-coverage ratio (DSCR) lending to fix-and-flip operators and rental investors.
- • The deal brings Kiavi's $7 billion annual first-lien lending volume onto Figure's blockchain-native capital marketplace, integrating the platform across Figure's network of more than 480 active ecosystem partners.
- • Transaction structure included a joint venture between Figure and Sixth Street Partners to acquire Kiavi's existing loan book, with Figure acquiring Kiavi's technology platform and operating infrastructure.
- • Kiavi CEO Arvind Mohan will join Figure as chief business officer, leading the rollout of Kiavi's lending platform across Figure's broader ecosystem and blockchain-enabled merchant payments network.
- • Figure controls approximately 75% of all real-world asset tokenization and positions this acquisition as a strategic expansion into the $35 trillion home equity market, particularly targeting segments that remain resilient despite cooling traditional purchase and refinance volumes.
Summary
Figure Technology Solutions has closed its acquisition of Kiavi, a San Francisco-based nonbank lender, in a transaction valued at $717 million. The deal, originally announced in June 2026, represents a significant expansion of Figure's blockchain-native lending marketplace and brings substantial origination volume under the company's technology platform.
The transaction structure involved two components: Figure acquired Kiavi's technology platform, operating infrastructure, and certain other assets, while a newly formed joint venture between Figure and global investment firm Sixth Street Partners assumed Kiavi's existing loan book. This approach allowed Figure to integrate Kiavi's lending capabilities while managing balance sheet exposure through the Sixth Street partnership. The acquisition adds more than $7 billion in annual first-lien origination volume to Figure's operations, representing a meaningful scale increase for the blockchain-focused fintech platform.
Kiavi specializes in residential transition loans and debt-service-coverage ratio lending products serving fix-and-flip operators and long-term rental investors—segments that have maintained relative resilience amid broader cooling in traditional residential purchase and refinance markets. By integrating Kiavi's RTL and DSCR platforms onto Figure Connect, the company's blockchain-native credit marketplace, Figure expands its addressable market and deepens penetration within investor-focused lending segments. The integration will be rolled out across Figure's network of more than 480 active ecosystem partners.
Leadership continuity and strategic positioning were prioritized in the deal structure. Kiavi CEO Arvind Mohan will assume the role of chief business officer at Figure, leading the platform's integration and expansion rollout. Figure CEO Michael Tannenbaum characterized the acquisition as accelerating the company's strategic roadmap within the $35 trillion home equity market. Kiavi will operate as a subsidiary under the Figure brand while maintaining its specialized platform and technology architecture across the broader ecosystem.
Figure's market position in real-world asset tokenization—controlling approximately 75% of all RWA tokenization volume—positions the company as a central infrastructure player in blockchain-based lending marketplaces. The Kiavi acquisition represents a material step toward standardizing and scaling blockchain-enabled credit distribution within the residential real estate investing segment.
The transaction structure involved two components: Figure acquired Kiavi's technology platform, operating infrastructure, and certain other assets, while a newly formed joint venture between Figure and global investment firm Sixth Street Partners assumed Kiavi's existing loan book. This approach allowed Figure to integrate Kiavi's lending capabilities while managing balance sheet exposure through the Sixth Street partnership. The acquisition adds more than $7 billion in annual first-lien origination volume to Figure's operations, representing a meaningful scale increase for the blockchain-focused fintech platform.
Kiavi specializes in residential transition loans and debt-service-coverage ratio lending products serving fix-and-flip operators and long-term rental investors—segments that have maintained relative resilience amid broader cooling in traditional residential purchase and refinance markets. By integrating Kiavi's RTL and DSCR platforms onto Figure Connect, the company's blockchain-native credit marketplace, Figure expands its addressable market and deepens penetration within investor-focused lending segments. The integration will be rolled out across Figure's network of more than 480 active ecosystem partners.
Leadership continuity and strategic positioning were prioritized in the deal structure. Kiavi CEO Arvind Mohan will assume the role of chief business officer at Figure, leading the platform's integration and expansion rollout. Figure CEO Michael Tannenbaum characterized the acquisition as accelerating the company's strategic roadmap within the $35 trillion home equity market. Kiavi will operate as a subsidiary under the Figure brand while maintaining its specialized platform and technology architecture across the broader ecosystem.
Figure's market position in real-world asset tokenization—controlling approximately 75% of all RWA tokenization volume—positions the company as a central infrastructure player in blockchain-based lending marketplaces. The Kiavi acquisition represents a material step toward standardizing and scaling blockchain-enabled credit distribution within the residential real estate investing segment.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.