Figure to Buy Kiavi for $717M, Expanding Tokenized Lending
Figure Technology Solutions agreed to acquire AI-powered real estate lender Kiavi for $717M, aiming to expand tokenized lending and blockchain credit for first-lien mortgage investors.
The deal integrates Kiavi’s lending assets and technology into Figure’s infrastructure, including Democratized Prime and Figure Connect. Figure expects about $7B in additional annual loan volume and more than $100M in monthly flow to Democratized Prime, supporting tokenized origination, matching with funding sources, and capital distribution over blockchain rails.
Figure also guided the combined business toward a medium-term 60% EBITDA margin target. Kiavi CEO Arvind Mohan is expected to join Figure after closing.
Crypto context: the acquisition reinforces Figure’s broader RWA/tokenization push, including activity around NUVA’s Ethereum marketplace for tokenized assets tied to Figure’s YLDS yield stablecoin and home-equity credit pools.
Trading takeaway: the announcement looks like traditional M&A into onchain credit rails, with limited direct token price linkage. Any impact is more likely to be sentiment-driven around RWA and onchain mortgage narratives than a direct catalyst for major crypto price moves.
Neutral
This is largely traditional corporate M&A into tokenized lending rails (no token swap emphasized). The expected incremental loan volume and onchain credit flow are positive for the RWA narrative, but there is no clear mechanism tying the deal to immediate price action for a specific crypto asset. Short term, traders may react to RWA sentiment (and related Ethereum ecosystem headlines). Long term, if Figure’s underwriting and securitization performance holds, it could support credibility for onchain mortgage infrastructure—yet near-term crypto price impact is likely indirect and sentiment-based.