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Figure names Michael Tannenbaum as CEO

Co-founder and former CEO Mike Cagney will transition to the role of executive chairman

Figure Technology Solutions, the parent company of Figure Lending LLC, named Michael Tannenbaum as its new CEO, the company announced on Tuesday.

Tannenbaum will also be a member of the board of directors. Meanwhile, Mike Cagney, the company’s co-founder and previous CEO, will continue to serve as executive chairman of the company.

“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 a statement. “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.”

Tannenbaum boasts more than 15 years of experience in financial technology and financial services. Before taking the helm at Figure, Tannenbaum served as chief operating officer, chief financial officer and chief business officer at fintech company Brex. He is still on that company’s board of directors. 

Over seven years at Brex, Tannenbaum contributed to scaling the company from a three-person startup to a global entity with more than 1,200 employees and $300 million-plus in annual revenue, according to a Figure news release.

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

“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.”

Earlier this month, Figure launched its Digital Asset Registration Technologies (DART) platform, making it available to private and wholesale lending partners. DART is a mortgage processing product designed to offer the industry an alternative to offerings from Mortgage Electronic Registration Systems (MERS), with the latest move ostensibly designed to expand the reach of Figure’s own ecosystem.

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