Figure completes $717 million Kiavi buy, adding $7 billion in tokenized loan volume

Figure Technology Solutions has finalized its $717 million acquisition of Kiavi, a major U.S. lender for residential real estate investors, marking a significant expansion of tokenized private credit. The deal, which closed on September 1, involves Figure acquiring Kiavi’s technology platform while a joint venture with Sixth Street absorbs Kiavi’s existing loan balance sheet. This integration is expected to add over $7 billion in annual first-lien loan volume to Figure’s Democratized Prime platform, with monthly inflows projected to exceed $100 million. By leveraging Kiavi’s AI-driven underwriting and proprietary home-value engine, Figure aims to demonstrate that blockchain-based funding can scale beyond stablecoins and government bonds. The acquisition was primarily funded through $600 million in senior notes due in 2031. Kiavi CEO Arvind Mohan will join Figure as Chief Business Officer to oversee the platform's transition onto blockchain rails. This move represents a critical test for the fintech industry to determine if automated, on-chain lending can effectively compete with legacy financial infrastructure at institutional scale.