Figure Completes $717M Acquisition of Kiavi

This deal consolidates two distinct parts of the real estate stack under one roof: a lending/blockchain infrastructure player and a platform for individual property investors. The significance lies in Figure gaining direct access to Kiavi's borrower base and deal flow, which could feed its tokenization pipeline with real, income-generating assets. For the RWA sector, this signals that consolidation is happening not just among pure tokenization startups but between fintech lenders and investment platforms, blurring the line between origination and on-chain distribution. The open question is how deeply Figure integrates Kiavi's existing mortgage operations with its blockchain rails, and whether this model—where a single entity controls both the loan book and the tokenized layer—becomes a template for other lenders seeking scale.