Figure Technology Solutions, the Nasdaq-listed blockchain lending marketplace, agreed on June 10, 2026 to acquire Kiavi, a lender to residential real estate investors, for a total purchase price of $717 million. Kiavi was founded in 2013 as LendingHome by Matt Humphrey and James Herbert.
The deal is split in two. Figure is buying Kiavi's technology and operating platform, while a joint venture between Figure and the investment firm Sixth Street is buying the loans on Kiavi's balance sheet. The announcement did not say how the price was divided between the two parts or whether it was paid in cash or stock. Simpson Thacher said it represented financing sources providing $600 million of committed financing for the purchase.
Kiavi chief executive Arvind Mohan will join Figure's executive team as chief business officer. Scotsman Guide reported in early September that Figure had completed the acquisition, and that Mohan will lead the rollout of Kiavi's platform across Figure's network.
What Kiavi built
Kiavi lends to property investors who buy, renovate and rent out homes. Its two main products are residential transition loans, used by investors who renovate and resell houses, and debt service coverage ratio (DSCR) loans for rental properties. Simpson Thacher described it as one of the largest non-bank lenders to residential real estate investors in the US, and Figure cited a Scotsman Guide ranking that placed it first among residential transition lenders.
According to the announcement, Kiavi has funded more than $30 billion of loans since it started. Propmodo reported that it originated more than $7 billion last year. For that year it reported more than $250 million in revenue and more than $100 million in EBITDA. The companies did not disclose Kiavi's headcount.
“This transaction represents a massive leap forward for the asset class. With Kiavi’s industry-leading platform powered by Figure’s innovative blockchain marketplace, we have the opportunity to deliver an entirely new – and unmatched – standard of reach, reliability, and execution.”
Why Figure is buying
Figure runs a marketplace on blockchain rails where loans are originated, funded, sold and traded as tokenized assets. It has more than 380 partners on the platform, and together they have originated more than $25 billion of home equity loans. Figure said that it is the largest non-bank provider of home equity lines of credit.
Figure said the acquisition would add more than $7 billion a year of first-lien loan volume to its Figure Connect marketplace and more than $100 million a month to Democratized Prime, another of its products. It put the addressable market for this kind of origination at $200 billion a year. Kiavi will also be the first use case for Adaptor, Figure's AI product for onboarding between software agents.
Figure said it expects the deal to add to earnings per share and to pay back its cash cost, unlevered, in under four years. It also reaffirmed a medium-term target of a 60% EBITDA margin. Figure chief executive Michael Tannenbaum said the deal was a further step into tokenization, first-lien diversification and the company's agentic AI platform, nine months after Figure's IPO.
The founders, the backers and the advisers
Kiavi was backed by Foundation Capital, Ribbit Capital, RenRen and other fintech investors, according to the announcement. The companies did not list its funding rounds.
Sixth Street, a global investment firm founded in 2009 with more than $130 billion in assets under management and committed capital, had worked with Figure before. Propmodo reported that the two companies formed an earlier joint venture in 2025 and plan to keep originating residential transition loans together. Michael Dryden, head of asset based finance at Sixth Street, called the firm a long-standing partner of Figure.
Barclays was the exclusive financial adviser to Figure and Sixth Street, and Jefferies advised Kiavi. Latham & Watkins was legal counsel to Figure, Wachtell, Lipton, Rosen & Katz to Sixth Street and Wilson Sonsini Goodrich & Rosati to Kiavi.
What happens to Kiavi's borrowers
Scotsman Guide reported that Kiavi's residential transition and DSCR lending technology will be added to Figure Connect, which by then had more than 480 partners. Tannenbaum said Figure would keep Kiavi's relationships with its professional investor customers and that Kiavi's technology would soon be available to Figure's partners.
Propmodo noted that institutional lending to small real estate operators reached $145 billion in 2025, with insurers and sovereign wealth funds among the sources of capital in the sector.
