Figure to Acquire Kiavi for $717M to Scale Blockchain-Native Real Estate Lending

Quick Summary

Figure is acquiring Kiavi for $717 million to integrate the #1 residential transition loan lender into its real-world asset tokenization ecosystem. This move brings $7 billion in annual loan volume onto blockchain rails, significantly expanding Figure’s first-lien lending leadership and advancing its AI-driven capital markets infrastructure.

How Does Figure Scale Real-World Asset Tokenization?

Figure is aggressively expanding its real-world asset tokenization footprint by migrating Kiavi’s massive origination flow onto its proprietary blockchain rails. By acquiring Kiavi’s technology and operating platform, Figure expects to instantly add $7 billion in annual volume to its marketplace. This includes over $100 million of monthly flow on Democratized Prime, Figure’s blockchain-native warehouse marketplace.

• 75% Market Share: Figure already accounts for the vast majority of RWA tokenization.
• $200 Billion Opportunity: The deal targets a massive addressable origination market.
• Agentic AI Integration: The transition will utilize Adaptor, Figure’s AI product, for seamless agent-to-agent onboarding.

What Does This Mean for First-Lien Lending?

The acquisition represents a strategic pivot toward first-lien lending leadership, a market segment that is 25 times larger than second-lien products. Figure’s first-lien segment grew 2.5 times year-over-year in 2025, and with Kiavi’s Residential Transition Loans (RTL) and DSCR products, the company projects its marketplace volume will reach 40%+ first-lien by 2027. This vertical integration allows Figure to extract significant cost efficiencies by removing friction from traditional financial infrastructure. By moving these assets natively onto blockchain, Figure maintains an asset-light business model while reinforcing its medium-term EBITDA margin target of 60%.

How Does AI Enhance the Blockchain Marketplace?

Figure is combining blockchain infrastructure layers with advanced AI decision layers to modernize capital markets. Kiavi’s proprietary AI engines for post-renovation home value and document review will be integrated into Figure’s ecosystem. This synergy is expected to deliver unlevered cash payback in less than four years. The use of agent-to-agent onboarding via Adaptor will impose uniformity across disparate data schemes, saving partners months of manual resource allocation. This technological stack ensures that real-world asset tokenization remains scalable and high-margin as new originators join the network.

FF NEWS TAKE:

This $717 million acquisition is a massive statement of intent that real-world asset tokenization is moving from experimental to industrial scale. By absorbing the top RTL lender, Figure isn't just buying volume; they are proving that blockchain can handle the complexities of the $200B residential investment market. This move effectively cements Figure as the primary infrastructure provider for on-chain credit, leaving traditional securitization models looking increasingly obsolete.