Figure Technology Solutions has agreed to acquire Kiavi, an AI-powered real estate lending platform for residential real estate investors, in a $717 million deal as the company expands its tokenization push.
The Nasdaq-listed company announced Wednesday that it has agreed to acquire Kiavi's technology and operating platform. At the same time, a joint venture between Figure and investment firm Sixth Street is set to purchase Kiavi's balance sheet assets.
Figure Technology operates as a non-bank provider of home equity lines of credit (HELOCs) and runs platforms including Figure Connect and Democratized Prime, which facilitate the tokenization and onchain trading of consumer credit assets.
With the acquisition, Figure said it will bring Kiavi's assets onto its blockchain marketplace rails, where its infrastructure will facilitate Kiavi's loan origination flow, trading counterparties, and funding distribution to improve efficiency and reduce costs.
"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," Figure CEO Michael Tannenbaum said in the statement.
