Figure Technology Solutions has named Michael Tannenbaum as CEO and a member of the board of directors, effectively immediately.
The company’s previous CEO, co-founder Mike Cagney, has assumed the role of executive chairman, Figure said in a Tuesday (April 23) press release.
Tannenbaum was most recently chief operating officer at Brex and remains a member of that company’s board of directors, according to the release. During his seven years at Brex, he helped scale the company from a three-person startup to a 1,200-employee global entity with a multibillion-dollar valuation.
Prior to that, Tannenbaum served as chief revenue officer at SoFi, per the release.
He joins Figure at “a pivotal period of growth for the company,” Cagney said in the release.
“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 said.
“We look forward to leveraging Michael’s leadership and creativity as we continue to evolve and work towards our goal of creating more efficient and transparent capital markets,” Cagney added.
Tannenbaum joins Figure shortly after the company launched a combined lien filing and eNote registry service called the DART System and a borrower-facing chatbot that is powered by artificial intelligence and machine learning and streamlines the home equity line of credit (HELOC) origination process, per the release.
“With its proven ability to develop cutting-edge technological solutions to streamline the HELOC lending process, Figure has cemented itself as one of the most exciting companies in FinTech,” Tannenbaum said in the release. “I am humbled to join Mike and this extremely talented team that is setting a new standard for the finance industry and look forward to leading Figure into its next phase of growth.”
Cagney founded Figure in 2018, aiming to build an online lending venture built around the blockchain to offer cheaper, faster and more efficient digital loan products, PYMNTS reported at the time.
The first product it rolled out was a digitally processed home equity loan that Figure said could cut approval time to five minutes.
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