Figure to recombine lending arm and marketplace into one entity

The founder of Figure is moving to recombine the company he split into two parts just a year ago

Mike Cagney, the head of the fintech firm, announced via LinkedIn that Figure, the firm’s lending arm, and Figure Markets, a blockchain-powered financial marketplace, will become one entity again.

“I split the company in two last year given the regulatory headwinds around blockchain,” Cageny wrote Thursday.

The merging of the two firms is expected to close later this summer, subject to shareholder approval.

Michael Tannenbaum, who was hired to lead Figure in April 2024, will become the CEO of the recombined entity, while Cagney who transitioned to lead Figure Markets will step into the role of executive chairman of the company. 

“With market adoption and Washington signaling growing blockchain…