Figure acquires Kiavi for $717 million

Blockchain startup Figure acquired AI-powered real estate lending platform Kiavi for $717 million. Kiavi provides short-term residential transition loans and longer-term debt service coverage ratio loans. The deal adds $7 billion in annual volume to Figure's balance sheet, including $100 million in monthly flow on Democratized Prime. Sixth Street joined a venture buying loans off Kiavi's balance sheet.