(Bloomberg) -- Figure Technology Solutions Inc. tapped Michael Tannenbaum as its new chief executive officer, ahead of the financial-services firm’s potential initial public offering.

Tannenbaum, former chief operating officer of Brex Inc., takes over leadership of Figure from co-founder Mike Cagney, the company said in a statement Tuesday. The two met at SoFi Technologies Inc., which Cagney co-founded and led, and where Tannenbaum was chief revenue officer. Cagney will stay on as executive chairman of Figure, which specializes in lending products using blockchain-enabled technology. 

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

The move comes amid a flurry of other changes at Figure, which is preparing for a potential IPO. Last month, the firm moved its lending division under the firm’s umbrella brand, Figure Technology Solutions. Cagney would remain CEO of a separate digital-asset division, which wouldn’t be part of the IPO, Bloomberg News reported in November.

Read More: Figure Taps Goldman, JPMorgan and Jefferies for IPO

The firm brought on advisers for a potential IPO in the first half of this year at a valuation of $2 billion to $3 billion, Bloomberg has reported. The company said last month that it submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission. It would join other tech-related companies going public in 2024 amid a rebound in equity offerings. 

Cagney started Figure back in 2018 with the aim of building a company that offers financial products using blockchain technology. It has concentrated its efforts on capturing market share in home-equity lines of credit, or Helocs. Last year it launched a Heloc wholesale production platform, which allows consumers to receive approval for a loan in minutes. It also launched a chatbot powered by artificial intelligence and machine learning to help with customer support and further streamline the Heloc-origination process.

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