Figure to Acquire Kiavi in $717M Deal to Bring Investor Loans On-Chain

Figure Technology Solutions agreed to buy AI-powered real estate lender Kiavi for $717 million, routing first-lien residential credit through blockchain rails. The deal — backed by a Sixth Street joint venture and $3 billion in forward commitments — marks the largest tokenization-led acquisition since Figure's September IPO.

Published: June 11, 2026 By Marcus Rodriguez, Robotics & AI Systems Editor Category: Fintech

Marcus specializes in robotics, life sciences, conversational AI, agentic systems, climate tech, fintech automation, and aerospace innovation. Expert in AI systems and automation

Figure to Acquire Kiavi in $717M Deal to Bring Investor Loans On-Chain

LONDON, Thursday, June 11, 2026 — Figure Technology Solutions (Nasdaq: FIGR) agreed to acquire Kiavi for $717 million, the companies announced on June 10, 2026. The Nasdaq-listed blockchain marketplace operator said the transaction will route Kiavi's residential investor loans onto Figure Connect and Democratized Prime, its on-chain marketplace and warehouse platforms. Figure plans to contribute $538 million to the acquisition via a $600 million issuance of senior unsecured notes, according to HousingWire. A joint venture with Sixth Street will absorb Kiavi's balance-sheet assets, backed by $3 billion in forward purchase commitments. The deal comes roughly nine months after Figure's IPO and expands the company into first-lien residential investor credit, complementing the HELOC business that anchored its early growth.

Key Takeaways

Figure is paying $717 million for Kiavi's tech platform plus a Sixth Street JV buying the loan book, funded partly by a $600 million senior unsecured notes issuance.
The acquisition opens what Figure calls a $200 billion annual addressable origination opportunity in residential transition and DSCR rental loans.
Kiavi posted more than $250 million in revenue and $100 million in EBITDA last year, supporting Figure's 60% medium-term EBITDA margin .
Figure says it accounts for approximately 75% of real-world asset tokenization volume, according to its announcement; Kiavi is expected to add more than $7 billion in annual first-lien volume.
Kiavi loans will be the first asset class onboarded via Adaptor, Figure's new agent-to-agent AI product for originator data standardization.

Context & Analysis

Figure (Nasdaq: FIGR) priced its IPO last September and has spent the intervening months arguing that tokenized private credit is ready for institutional balance sheets, according to company statements. The Kiavi deal is the proof point. Figure's first-lien segment grew approximately 2.5x year-over-year in 2025, according to a rating agency assessment cited by National Mortgage News, and management now projects first-lien products will exceed 40% of consumer marketplace volume by full-year 2027.

Kiavi, founded in San Francisco in 2013 as LendingHome, has financed more than $30 billion in real estate loans across short-term residential transition loans and longer-dated DSCR rental products. Keefe, Bruyette & Woods analyst Ryan Tomasello calculated pro forma corporate leverage of roughly 2x after the $600 million notes issuance, with Sixth Street contributing $179 million to the JV alongside its forward commitments. Figure expects the deal to be EPS-accretive with unlevered cash payback inside four years.

Company	Position	Recent Move	Source
Figure Technology	Blockchain capital marketplace	$717M Kiavi acquisition, June 10	Joint release
Sixth Street	Asset-based finance	$179M JV equity + $3B forward commitments	HousingWire
Kiavi	Residential investor lender	$250M+ revenue, $100M+ EBITDA in 2025	The Block
OpenPayd	Payments infrastructure	$1.145B SPAC merger with Titan, June 1	SEC 8-K

Competitive Landscape

Figure's bet is that on-chain origination economics will compress funding costs faster than incumbents can match. CEO Michael Tannenbaum framed the deal as "a further pole vault into tokenization, first-lien diversification and our agentic AI platform." That puts the company in direct competition with Rocket Companies, United Wholesale Mortgage, and a growing set of private-credit funds chasing investor-loan yield.

For deeper context, see our Fintech analysis: "Robinhood Agentic Trading 2026: MCP Servers Enable AI to Execute Live Trades".

The tokenized-rails thesis has parallel validation elsewhere in fintech. OpenPayd announced a definitive business combination with Titan Acquisition Corp. on June 1, targeting a Nasdaq listing under ticker "OP" at a $1.145 billion pro forma equity value. OpenPayd reportedly had annualized recurring revenue above $85 million as of March 2026 and processes more than $240 billion in annualized transaction volume, according to disclosures cited in coverage of the Titan transaction across fiat, stablecoin and blockchain rails.

Additional coverage: Arca Digital, DraperB1 & Robin Capital Target Spanish Pensions in 2026

Company	Category	Key Development	Impact
Figure	Tokenized lending	Adds $7B annual first-lien volume	Pushes marketplace volume to 40%+ first-lien by 2027
Rocket Companies	Mortgage origination	Traditional first-lien incumbent	Faces on-chain cost compression
OpenPayd	Payments infra	SPAC at $1.145B pro forma equity value	Targeting Nasdaq listing per SEC 8-K
Payward (Kraken parent)	Crypto/payments	$600M Reap acquisition	Cross-border stablecoin rails

Additional coverage: Fintech Backbone Rewired: Visa Direct, Plaid, SWIFT Move Faster on Real-Time Rails

What It Means

For Enterprise Buyers

Lenders, asset managers and fund administrators evaluating tokenization vendors now have a reference architecture at institutional scale. Figure runs DART for asset custody and lien perfection, $YLDS as an SEC-registered yield-bearing stablecoin, and a partner network of more than 380 institutions. Buyers writing RFPs for digital-asset rails can credibly include Figure alongside conventional loan-trading venues.

For deeper context, see our Health Tech analysis: "Top Health Tech Priorities for 2026, According to McKinsey, Deloitte and Samsung".

For Investors

The deal converts Figure from a HELOC-heavy specialist into a diversified first-lien credit platform with public debt issuance and a Sixth Street balance-sheet partner. Management reaffirmed the 60% medium-term EBITDA margin target and an EPS-accretive deal characterization. The pro forma 2x corporate leverage leaves room for further bolt-ons if origination volumes track guidance.

Forward Outlook

Figure has not disclosed a target close date; Banking Dive reported the companies did not project a closing time frame in their statement. Kiavi CEO Arvind Mohan will join Figure's executive team as chief business officer at close. Watch for Adaptor's first live deployment on Kiavi loans — Figure's agentic AI onboarding product — as the operational signal investors will use to gauge integration velocity. The OpenPayd SPAC vote, expected in Q4, will offer a second public-market data point on tokenized-rails valuation appetite.

For deeper context, see our related analysis: "Allica Bank Accelerates SMB Lending Growth with $155M Raise in 2026".

FAQ

Sources include company disclosures, regulatory filings, analyst reports, and industry briefings.

Related Coverage

Analysis based on company announcements, investor disclosures, regulatory filings, Reuters, Bloomberg, Financial Times, CNBC, SEC documentation, and publicly available market data as of publication.

About the Author

Marcus Rodriguez

Robotics & AI Systems Editor

Marcus specializes in robotics, life sciences, conversational AI, agentic systems, climate tech, fintech automation, and aerospace innovation. Expert in AI systems and automation

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Frequently Asked Questions

What is Figure paying for Kiavi and how is the deal structured?

Figure agreed to a $717 million total transaction price. Figure acquires Kiavi's technology and operating platform directly, while a joint venture between Figure and Sixth Street purchases Kiavi's balance-sheet loan assets. Figure plans to fund roughly $538 million of its contribution via a $600 million senior unsecured notes issuance.

Why does this deal matter for tokenization?

Figure already claims about 75% of real-world asset tokenization volume. Kiavi adds roughly $7 billion in annual first-lien volume to Figure Connect and over $100 million in monthly flow to Democratized Prime, Figure's on-chain warehouse marketplace. It is the largest tokenization-driven M&A move since Figure's IPO.

What loan products is Figure acquiring?

Kiavi originates short-term Residential Transition Loans (RTL) used by investors to buy and renovate properties, plus longer-dated Debt Service Coverage Ratio (DSCR) loans for rental properties. Kiavi has financed more than $30 billion in loans since launching as LendingHome in 2013.

What role does Sixth Street play?

Sixth Street is contributing $179 million to the joint venture that buys Kiavi's loan book and is providing $3 billion in forward purchase commitments. Loans originated by the combined platform will be sold through Figure Connect.

How does the Kiavi deal compare to OpenPayd's SPAC?

Both signal that tokenization and stablecoin-linked fintech infrastructure are attracting institutional capital again. OpenPayd's June 1 SPAC merger with Titan Acquisition Corp. values the payments-infrastructure firm at $1.145 billion and targets a Q4 2026 Nasdaq listing under ticker 'OP', complementing Figure's lending-side push onto blockchain rails.