Nasdaq-listed fintech company Figure Technology Solutions will acquire AI-based residential real estate loan platform Kiavi for $717 million.
A recent report by The Block said Figure will acquire Kiavi’s technology and operating platform. It will also set up a joint venture with investment firm Sixth Street and separately buy Kiavi loan notes.
Figure, a non-bank institution, offers a home equity line of credit, or HELOC. Unlike a standard mortgage that provides a lump sum and is repaid with monthly principal and interest, a HELOC has a set limit like a credit card and can be borrowed and repaid repeatedly. The limit increases as the home’s value rises.
Figure CEO Michael Tannenbaum (마이클 태넨바움) said the Kiavi acquisition is aimed at taking a step toward tokenisation, diversifying senior secured collateral and an agentic AI platform. Figure co-founder Mike Cagney (마이크 케이그니) said on-chain capital markets are still in their early stages. He said bold moves are needed to bring entire asset classes on-chain.