Financial-services firm Figure Technology Solutions Inc. has appointed Michael Tannenbaum as its new chief executive officer, in preparation for the company’s potential initial public offering. Tannenbaum, who was previously the chief operating officer of Brex Inc., will replace co-founder Mike Cagney in his new role.
The two first met at SoFi Technologies Inc., where Cagney was CEO and Tannenbaum served as chief revenue officer. Tannenbaum’s experience in the financial technology sector will be crucial in leading Figure through this period of expansion, as the company experiences growth and prepares for a possible IPO.
In his new role, Tannenbaum will lead Figure, which specializes in lending products utilizing blockchain technology. Cagney will transition to the role of executive chairman at Figure to support Tannenbaum in his new position. The appointment of Tannenbaum is seen as a significant step forward for the company and its future success.
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