Figure Technology Solutions has completed its acquisition of residential investor lender Kiavi, a move that adds residential transition loans (RTL) and debt-service-coverage ratio (DSCR) loans to Figure's blockchain-native capital marketplace. The deal matters because it expands Figure's product set into investor-focused lending at a time when traditional purchase and refinance volumes have cooled, while the investor segment has remained relatively active. Figure CEO Michael Tannenbaum framed the transaction as a way to "accelerate our roadmap by expanding our marketplace," and the company is positioning the combined platform around what it describes as a $35 trillion home equity market.
The transaction was announced in June at $717 million and included a joint venture between Figure and global investment firm Sixth Street to purchase loans off Kiavi's balance sheet. Kiavi's RTL and DSCR loans serve fix-and-flip operators and long-term rental investors, and those products will now be available through Figure Connect, the company's blockchain-native credit marketplace. Kiavi CEO Arvind Mohan will join Figure as chief business officer and lead the rollout of Kiavi's platform across Figure's ecosystem. San Francisco-based Kiavi will operate as a subsidiary of Figure, which plans to integrate the Kiavi brand, platform, and technology across its network of more than 480 active ecosystem partners.
The scale of the combined operation is substantial. Figure and its partners have originated more than $30 billion in loans across products on its platform to date, according to the company. In its June announcement, Figure said the transaction will add more than $7 billion per year in new first-lien volume to its Figure Connect marketplace and more than $100 million in monthly volume to Democratized Prime, its on-chain warehouse platform. Those figures suggest the Kiavi acquisition is not a marginal addition but a meaningful expansion of origination capacity and marketplace liquidity, particularly in first-lien investor lending.
For the commercial real estate and fintech sectors, the deal signals continued consolidation around blockchain-based loan infrastructure. Figure is using the acquisition to standardize and grow within the home equity market, and Tannenbaum said the company has observed "a groundswell of excitement from our partners" since the deal was announced. The integration of Kiavi's technology and operating platform into a blockchain-native marketplace could give Figure a differentiated distribution channel for investor loans, especially if warehouse funding through Democratized Prime scales as projected. The joint venture with Sixth Street also indicates institutional capital is willing to support the on-chain loan model through balance sheet purchases.
The available evidence is limited to a single HousingWire report, so several details remain unconfirmed. The report does not specify the exact closing date beyond the completion announcement, the financial terms of the Sixth Street joint venture, or how Kiavi's existing loan book will be treated after integration. It also does not provide independent verification of the $30 billion origination figure or the projected $7 billion annual volume addition. What to watch next is whether Figure can execute the integration across more than 480 ecosystem partners and whether the Kiavi loan products maintain their origination pace once they are routed through Figure Connect and Democratized Prime.