Figure Technology Solutions taps former SoFi exec as CEO

Figure Technology Solutions, the parent company of Figure Lending, tapped Michael Tannenbaum, a former Brex and SoFi executive, to lead the company during its push to go public.

The new CEO, whose experience in the financial services industry spans over 15 years, has helped companies scale and grow, which can strategically benefit Figure as it looks to increase its influence in the HELOC and financial services space.

During a six year stint at Brex, an AI-powered spend platform, Tannenbaum increased the headcount of the company from a three person team in 2017 to more than 1,200 employees and to a multi-billion dollar valuation, a press release published Tuesday touted. He was the chief operating officer prior to his departure to Figure.

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Tannenbaum also served as a chief revenue officer at SoFi Technologies, a company that Mike Cagney, the founder of Figure used to oversee. Cagney and Tannenbuam worked together at SoFi for at least three years, LinkedIn shows.

The executive will join Figure's board of directors effective immediately, the company announced Tuesday. Meanwhile, Cagney will shift into a new role of executive chairman. 

"We are excited to welcome Michael to Figure at a pivotal period of growth for the company," said Cagney in a press 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."

As Figure has set its course to go public, it has ramped up efforts to attract more mortgage lenders to use its technologies, possibly to better its valuation.

In mid- April it opened the door for retail and wholesale lenders to use its DART system, a lien and eNote registry service. Soon after it launched a machine-learning-powered chatbot to improve its customer service and streamline its HELOC offerings. 

A month prior, Figure "submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the "SEC"), relating to the proposed initial public offering of its equity securities," it announced. Thus far, no determination has been made regarding the number of shares to be offered and the price range for the proposed offering. The offering is subject to market conditions as well as the completion of the SEC's review process, the company said.

Companies tapped to take FTS public include Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Financial Group Inc, a Bloomberg report pointed out. Valuation of the company is predicted to range between $2 billion to $3 billion.