Figure Expands Tokenized Lending Network with $717M Kiavi Acquisition in Push to Scale On-Chain Credit Markets

Figure Technology Solutions has announced a definitive agreement to acquire Kiavi in a $717 million transaction, marking a significant expansion of its blockchain-native capital marketplace and reinforcing its strategy to bring large-scale lending markets onto tokenized infrastructure.

The deal combines Figure’s blockchain-based origination and trading network with Kiavi’s AI-powered residential real estate lending platform, creating a vertically integrated system spanning loan origination, funding, and distribution.

As part of the transaction, a joint venture between Figure and global investment firm Sixth Street will acquire Kiavi’s balance sheet assets, enabling the transfer of loan exposure into structured funding markets.

Scaling Tokenized Credit Markets

Kiavi operates an AI-driven platform that provides financing to residential real estate investors, offering short-term Residential Transition Loans and long-term rental loans known as Debt Service Coverage Ratio products.

Together, the combined platform represents an estimated $200 billion annual addressable origination opportunity, which Figure intends to migrate onto its blockchain-based rails.

The acquisition is expected to immediately add approximately $7 billion in annual volume, including over $100 million in monthly activity on Figure’s blockchain-native marketplace for institutional lending.

Deepening Blockchain Integration in Credit Infrastructure

The acquisition strengthens Figure’s position in first-lien lending markets, a segment significantly larger than second-lien credit and a core focus of its expansion strategy.

Figure stated that first-lien loan volume has grown more than 2.5 times year-over-year in 2025, with expectations that its consumer loan marketplace will exceed 40% first-lien exposure by 2027.

The company also reaffirmed its medium-term target of 60% EBITDA margins, citing the asset-light and high-margin nature of Kiavi’s platform and the efficiency gains from blockchain-based infrastructure.

AI and Blockchain Convergence

A key component of the transaction is the integration of Figure’s AI system, known as Adaptor, which enables automated onboarding between originators through agent-to-agent data standardization.

Kiavi will serve as the first large-scale use case for this system, allowing faster integration of lending data across Figure’s blockchain marketplace and reducing onboarding time across financial institutions.

Figure stated that its infrastructure combines structured blockchain data with AI-driven decision systems, enabling faster credit evaluation, loan distribution, and asset trading compared to traditional financial rails.

Strategic Positioning in On-Chain Capital Markets

Executives from both companies framed the transaction as a step toward scaling on-chain capital markets beyond early-stage experimentation.

Figure leadership emphasized that tokenization remains the core of its strategy to modernize capital markets, while Kiavi’s management highlighted the combination of data-driven lending and blockchain-based distribution as a new industry standard for credit markets.

Sixth Street, which is participating through the asset purchase structure, described the collaboration as an extension of its broader strategy in residential mortgage and private credit markets.

As blockchain-based financial infrastructure continues to evolve, the transaction positions Figure as one of the most aggressive institutional players building end-to-end tokenized credit markets at scale.