Figure Technology Solutions (FTS), parent company of five-days-to-close HELOC originator, Figure Lending, announced today the appointment of Michael Tannenbaum as chief executive officer (CEO) and a member of the Board of Directors. Co-founder and previous CEO of the company, Mike Cagney, has assumed the role of executive chairman.
Tannenbaum holds more than 15 years of experience in executive roles in the financial technology and financial services sector. Most recently, he served as chief operating officer (COO) of Brex, a platform that offers business credit cards and cash management accounts to technology companies. Tannenbaum also served as chief financial officer (CFO) and chief business officer (CBO) during his nearly seven years at Brex, and currently serves on the company’s board of directors.
The new appointment, effective immediately, comes roughly a month after the company submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC), an early step in filing for an initial public offering (IPO). Rumors that FTS was trying to take the company public began to circulate back in November.
The announcement comes less than two week after Figure launched its DART System, a combined lien filing and eNote registry service that puts the company in direct competition with the already existing mortgage electronic registration system known as MERS, owned by ICE Mortgage Technology.
Prior to Brex, Tannenbaum served as chief revenue officer (CRO) at SoFi, which Cagney founded prior to founding Figure. Tannenbaum also led the SoFi's mortgage business during his tenure at that company. In a press release, Cagney said he was "excited to welcome Michael to Figure at a pivotal period of growth for the company."
"Michael’s outstanding track record of implementing transformative capital market solutions at global fintech companies, keen ability to attract and nurture top talent, and deep understanding of our business will be a significant asset to Figure," Cagney added.
