Figure adds $7B in annual loan volume and a new asset stream for its blockchain marketplace. The stock is down 25% over the past month despite the deal.
Alpha Score of 38 reflects weak overall profile with moderate momentum, poor value, moderate quality, poor sentiment.
Figure Technology Solutions is buying Kiavi, an AI-powered real estate lender, for $717 million. The deal adds a business that originates roughly $7 billion in loans each year and feeds those assets onto Figure's blockchain-based credit marketplace.
Figure announced the acquisition Wednesday. The Nasdaq-listed company will take over Kiavi's technology and operating platform. A separate joint venture with investment firm Sixth Street will buy Kiavi's balance sheet assets.
Kiavi lends to residential real estate investors. Figure plans to move those loans onto its tokenization infrastructure, using Figure Connect and Democratized Prime to support origination, connect funding sources, and distribute capital through blockchain rails.
“Figure is relentless in our pursuit of moving the capital markets onto blockchain rails, and nine months past our successful IPO, this Kiavi transaction is a further pole vault into tokenization, first-lien diversification and our agentic AI platform,” CEO Michael Tannenbaum said.
The deal should add about $7 billion in annual loan volume to Figure's platform. Kiavi will also contribute more than $100 million in monthly flow to Democratized Prime, Figure's marketplace for onchain credit assets.
Kiavi CEO Arvind Mohan called the transaction a significant step for the asset class. Figure said Mohan will join the company as chief business officer after the deal closes.
Management described Kiavi as a high-margin, asset-light business. The combined company remains on track for its medium-term EBITDA margin target of 60%, Figure said.
Executive chairman and co-founder Mike Cagney said blockchain-based capital markets are still early, and bringing entire asset classes onchain requires aggressive expansion.
The acquisition follows other moves tied to Figure's tokenization strategy. In May, Animoca-backed NUVA launched an Ethereum marketplace that connected about $19 billion of tokenized assets from Figure Technologies to decentralized finance applications. The platform debuted with vaults linked to Figure's YLDS yield stablecoin and a home equity line of credit pool that had funded more than $16 billion.
Cagney has also signaled plans beyond home equity lending. Speaking at Consensus Miami in May, he said Figure was targeting the U.S. first-lien mortgage market, particularly loans below $300,000, using blockchain infrastructure to cut origination costs and speed up funding.
Adding Kiavi increases Figure's exposure to residential real estate credit while creating another source of assets for its tokenized marketplace network.
Quarterly results earlier this year showed the lending business growing fast. In the first quarter of 2026, Figure reported $167 million in adjusted net revenue, up 92% from a year earlier and 6% above analyst expectations. Loan volume hit $2.9 billion during the quarter, a 113% increase from the same period in 2025.
Despite the acquisition and the expansion plans, Figure's shares ended Wednesday down 0.74% at $28.07. The stock has fallen 25.4% over the past month.
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