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Figure Expands Tokenization With $717 Million Kiavi Acquisition

Figure is taking another step in tokenization with its acquisition of Kiavi. Bringing real estate loans into the blockchain platform is expected to boost efficiency and scale.

By Zenz van der Wielen
• 2 min read
Figure Expands Tokenization With $717 Million Kiavi Acquisition

Key Takeaways

  • Figure Technology Solutions is acquiring Kiavi for $717 million to expand its tokenization platform and blockchain marketplace.
  • The deal is meant to help Kiavi's real estate loans integrate faster, which should improve efficiency and lower costs.
  • Kiavi brings about $7 billion in annual first-lien volume and supports Figure's goal of a 60% EBITDA margin.

Figure Technology Solutions has taken a major step in expanding its tokenization platform with the acquisition of Kiavi, an AI-powered real estate lending service for individual investors, for $717 million (€621 million). The deal is expected to speed up the integration of Kiavi's loans into Figure's blockchain marketplace, which should improve efficiency and lower costs.

Expanding Tokenization and Blockchain Integration

The Nasdaq-listed Figure announced that it will acquire Kiavi's technology and operating platform, while a joint venture with investment firm Sixth Street will acquire Kiavi's balance sheet assets. Figure already facilitates the tokenization and onchain trading of consumer credit through platforms like Figure Connect and Democratized Prime. By bringing Kiavi's loans onto the blockchain, Figure aims to streamline the lending, trading, and financing process.

According to Figure CEO Michael Tannenbaum, this acquisition is another step toward moving capital markets onto blockchain rails, and the combination with Kiavi's AI platform strengthens the diversification and efficiency of first-lien products. Kiavi is seen as a "high-margin and capital-light" platform, which supports Figure's long-term goal of a 60% EBITDA margin.

Impact on the Real Estate Lending Market

Kiavi, founded in 2013 and focused on loans for real estate investors, is expected to bring in about $7 billion (€6.1 billion) in annual first-lien volume, with a monthly flow of more than $100 million (€86.7 million) through Democratized Prime. Kiavi's AI-driven credit assessment plays a key role in managing the risk of loans that are sensitive to local housing market conditions.

This acquisition follows strong quarterly results from Figure, which reported adjusted net revenue of $167 million (€145 million) in the first quarter of 2026, up 92% from a year earlier. Loan volume rose 113% to $2.9 billion (€2.5 billion). Despite this growth, Figure's shares on Nasdaq slipped slightly by 0.74%.

Relevance for the European Crypto Market

The integration of real estate loans into blockchain networks like Figure's could also be interesting for European investors and fintech companies. It shows how traditional financial products are increasingly being traded on the blockchain through tokenization, which could lead to more transparency and efficiency in capital markets. European market participants can watch these developments as a sign of the growing adoption of real-world asset tokenization worldwide.

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