Figure Technology Solutions Inc., the fintech company founded by former SoFi Technologies Inc. co-founder Mike Cagney, has announced the appointment of Ronald Chillemi as its new Chief Legal Officer and Corporate Secretary. This hiring move comes as the company prepares for a potential initial public offering (IPO) valued between $2 billion and $3 billion.
Chillemi, who previously held a lead legal role at Aven Financial Inc., brings with him over 25 years of experience in regulatory affairs, government relations, and compliance within the fintech sector. His previous roles include Deputy General Counsel at Betterment LLC, and Associate General Counsel at Fanatics Inc. He has also worked as a partner at Robins Kaplan, a litigation-focused law firm. Commenting on his new role, Chillemi stated, “I look forward to working with our team, partners, investors, regulators, and all stakeholders to build upon the company’s strong foundation and help take its capital markets ecosystem to new heights.”
Figure’s recent leadership shakeup saw Michael Tannenbaum, another former SoFi executive, being appointed as the new CEO. Tannenbaum praised Chillemi, noting that his regulatory expertise would be invaluable as the company embarks on its next chapter. Figure declined to discuss its IPO plans in detail, although it is collaborating with prominent banks, such as Goldman Sachs, JPMorgan Chase, and Jefferies Financial Group, for the offering.
The company, initially valued at $3.2 billion in 2021, has undergone significant restructuring, including a 20% workforce reduction and withdrawing a national bank charter application amid an industry downturn. Despite these challenges, Figure claims to be the largest non-bank provider of home equity lines of credit, leveraging blockchain technology to gain a competitive edge in the market.
Chillemi’s appointment follows other notable changes in Figure’s leadership team, particularly with the formation of Figure Markets Holdings Inc., a digital asset division led by Cagney. Figure’s restructuring included spinning off its lending arm into a standalone entity earlier this year.
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