Figure Completes $717 Million Kiavi Acquisition, Pushing $7 Billion in Real Estate Loans Onchain
Figure Technology Solutions has finalized its $717 million acquisition of Kiavi, a residential real estate lending technology provider, to significantly scale its blockchain-based private credit marketplace. The transaction, which closed on September 1, integrates Kiavi’s AI-driven platform and over $7 billion in projected annual loan volume into Figure’s onchain ecosystem. Figure funded the deal primarily through a $600 million senior note offering and utilized a joint venture with investment firm Sixth Street to acquire Kiavi’s loan balance sheet. This move expands Figure’s reach into the first-lien mortgage market, which the company estimates is 25 times larger than the second-lien segment. By leveraging Kiavi’s proprietary home-value engine and document review tools, Figure aims to standardize data for its Democratized Prime and Figure Connect platforms. The acquisition positions Figure as a dominant player in the tokenized private credit sector, which saw significant growth to $65 billion in total RWA market value by May 2026. This integration serves as a critical test for whether tokenized private credit can achieve the same scalability and institutional adoption as tokenized government bonds.
