ByCoinGape
Key Highlights
The blockchain company and the RWA leader Figure Technology Solutions has completed its $717 million acquisition of Kiavi. It has added one of the biggest residential real estate investor lenders in the U.S. to its blockchain-based financial marketplace.
The deal was first announced in June but it just got closed on September 1.
Figure has acquired Kiavi’s technology and operating platform and certain other assets. A joint venture between Figure and Sixth Street has also bought loans from Kiavi’s balance sheet.
As per of the deal, the bigger plan is to bring Kiavi’s real estate lending business into Figure’s blockchain network.
Kiavi’s platform will be integrated across Figure’s network of more than 480 active ecosystem partners. Its residential transition loan (RTL) and debt-service-coverage-ratio (DSCR) lending technology will be made available through Figure Connect, the company’s blockchain-native credit marketplace.
Kiavi focuses on loans for residential real estate investors. Its products include short-term Residential Transition Loans, which are used by investors buying and renovating properties, and longer-term DSCR loans for rental properties.
Figure sees a large opportunity in the market.
The company estimates the asset class represents about $200 billion in annual origination volume.
As per the press release, the deal is also expected to add more than $7 billion in annual first-lien loan volume to Figure Connect. Figure expects more than $100 million in monthly volume to reach Democratized Prime, its on-chain lending and borrowing marketplace.
This matters as Figure describes itself as a blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets.
More than 480 partners already use its loan origination system and capital marketplace. Figure and its partners have originated more than $30 billion in loans to date.
Figure Connect is one of its fastest-growing businesses. The deal now gives Figure a much larger pool of real estate credit to bring into its blockchain-based marketplace.
Figure is also looking at the much bigger home-equity market.
CEO Michael Tannenbaum said the company wants to standardize and grow within the $35 trillion home equity market.
“Adding Kiavi’s talent, platform, and technology to Figure greatly accelerates our roadmap by expanding our marketplace,” Tannenbaum said in an official post.
The acquisition also brings Kiavi CEO Arvind Mohan into Figure. Mohan will become Figure’s Chief Business Officer. He will lead the rollout of Kiavi’s platform across Figure’s ecosystem.
The Kiavi deal gives Figure another type of traditional financial asset to work with.
Instead of keeping real estate lending separate from its blockchain business, Figure can connect Kiavi’s technology and loan flow to Figure Connect.
The move comes as tokenized real-world assets continue to expand beyond Treasury products and stablecoins. Check the guide to tokenize real world assets.
Data from Token Terminal shows the onchain RWA market, excluding stablecoins, has grown 17.8 times over the past three years to $44.6 billion. Real estate currently accounts for about $1.3 billion of that market. This leaves significant room for growth as the top rwa issuers are bringing real-world credit and property assets onchain.
RWA growth is broad-based.
Excluding stablecoins, the onchain RWA market has grown 17.8x over the past three years to $44.6 billion, spanning Treasury bills, yield or active strategies, credit funds, gold, energy, stocks, real estate, and more. pic.twitter.com/ou8bcLD3Re
— Token Terminal 📊 (@tokenterminal) September 2, 2026
That is important for the RWA market.
The focus of tokenization is moving beyond crypto tokens. Loans, private credit and real estate are becoming part of the same conversation.
Figure is betting that blockchain can make these markets easier to originate, fund and trade. Kiavi gives it a larger base of real estate loans to put that idea into practice.
The company has not yet included Kiavi’s contribution in its existing Q3 Consumer Loan Marketplace guidance. Figure said it will update its outlook and provide a reconciliation when it reports its third-quarter 2026 results.
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