Key Takeaways
- • Figure, a blockchain startup, has agreed to acquire AI-powered real estate lending platform Kiavi in a deal worth $717 million, the companies announced Wednesday, June 10, 2026.
- • Kiavi is expected to add $7 billion in annual volume to Figure's balance sheet immediately after the purchase, including about $100 million in monthly flow on Democratized Prime, Figure's blockchain-native warehouse marketplace.
- • Investment firm Sixth Street will join a joint venture with Figure that will buy loans off Kiavi's balance sheet as part of the transaction.
- • Kiavi reported about $250 million in revenue and $100 million in EBITDA last year, according to the companies.
- • Figure expects more than 40% of its consumer loan marketplace volume to be first-lien in 2027, and the companies cite a $200 billion annual addressable origination opportunity.
Summary
Blockchain startup Figure has agreed to acquire Kiavi, an artificial intelligence-powered real estate lending platform, in a transaction valued at $717 million, according to an announcement made Wednesday by the two companies. Kiavi originates short-term residential transition loans and longer-term debt service coverage ratio loans. The companies said the acquisition is expected to add $7 billion in annual volume to Figure's balance sheet immediately after closing. That volume includes roughly $100 million in monthly flow on Democratized Prime, Figure's blockchain-native warehouse marketplace. The companies did not provide a projected closing timeframe.
Figure CEO Michael Tannenbaum described the deal as a further step toward moving capital markets onto blockchain infrastructure, nine months after Figure's successful initial public offering. He said the transaction advances tokenization, first-lien diversification and Figure's agentic AI platform. The companies expect more than 40% of Figure's consumer loan marketplace volume to be first-lien in 2027 once Kiavi is included. Tannenbaum said adding Kiavi's loans to its partner network would supercharge growth in both Kiavi's originations and the consumer loan marketplace.
Investment firm Sixth Street will participate in a joint venture with Figure that will purchase loans from Kiavi's balance sheet. Michael Dryden, Sixth Street's head of asset-based finance, said the firm is contributing its residential mortgage and private credit expertise to support Kiavi's growth as a leading originator. Kiavi CEO Arvind Mohan called the transaction a "massive leap forward for the asset class" and said he will become Figure's chief business officer once the deal closes.
According to the companies, Kiavi reported about $250 million in revenue and $100 million in EBITDA last year. The companies estimate a $200 billion annual addressable origination opportunity. Mike Cagney, Figure's co-founder and executive chair, said blockchain is "a big idea" but on-chain capital markets are "in their infancy," adding that Figure "needs to make bold moves to bring entire asset classes on chain."
Figure CEO Michael Tannenbaum described the deal as a further step toward moving capital markets onto blockchain infrastructure, nine months after Figure's successful initial public offering. He said the transaction advances tokenization, first-lien diversification and Figure's agentic AI platform. The companies expect more than 40% of Figure's consumer loan marketplace volume to be first-lien in 2027 once Kiavi is included. Tannenbaum said adding Kiavi's loans to its partner network would supercharge growth in both Kiavi's originations and the consumer loan marketplace.
Investment firm Sixth Street will participate in a joint venture with Figure that will purchase loans from Kiavi's balance sheet. Michael Dryden, Sixth Street's head of asset-based finance, said the firm is contributing its residential mortgage and private credit expertise to support Kiavi's growth as a leading originator. Kiavi CEO Arvind Mohan called the transaction a "massive leap forward for the asset class" and said he will become Figure's chief business officer once the deal closes.
According to the companies, Kiavi reported about $250 million in revenue and $100 million in EBITDA last year. The companies estimate a $200 billion annual addressable origination opportunity. Mike Cagney, Figure's co-founder and executive chair, said blockchain is "a big idea" but on-chain capital markets are "in their infancy," adding that Figure "needs to make bold moves to bring entire asset classes on chain."
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