Figure Technology Solutions, Inc. (FIGR), a financial technology company, on Wednesday announced a deal to acquire Kiavi, an AI-powered lending platform for residential real estate investors, for a total of $717 million.
The transaction includes the purchase of Kiavi's balance sheet assets by a joint venture of Figure and Sixth Street, an investment firm, which will buy loans off Kiavi's balance sheet.
Post transaction, the Kiavi platform will be high-margin and asset-light. Figure expects the acquisition to add to earnings per share of FIGR in less than four years.
The acquisition will boost Figure's plans to modernize capital markets by bringing all assets onto blockchain. "Figure currently accounts for 75% of real-world asset tokenization, and Kiavi is expected to instantly add $7 billion in annual volume, including over $100 million of monthly flow on Democratized Prime, Figure's blockchain-native warehouse marketplace," the company said.
FIGR was down by 2.05% at $27.70 in the pre-market trade on the Nasdaq.
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