Michael Tannenbaum, formerly the Chief Revenue Officer of SoFi, has parted ways with the online personal finance company.
SoFi, the online personal finance and student loan juggernaut, confirmed on Friday, July 21 that Chief Revenue Officer Michael Tannenbaum has departed from the company, according to TechCrunch.
Michael Tannenbaum joined SoFi in 2014 as the Vice President of Finance. Tannenbaum rode the fast track up the company ladder over the past few years, and when SoFi branched out from student loan refinancing to tackle the mortgage industry, Tannenbaum was put in charge of that business.
Tannenbaum’s most recent and final role with SoFi was as the company’s CRO. In this capacity, Tannenbaum was responsible for driving SoFi’s growth strategy for each of their core lending products which include student loan refinancing, mortgages, and personal loans.
Michael Tannenbaum left the company because he is reportedly focused on developing his own startup company in the finance industry. Mike Cagney, CEO and co-founder of SoFi, gave the following statement on Tannenbaum’s exit: “Michael has done an admirable job in his time at SoFi, and we wish him all the best as he builds his own startup in the payments space.”
Tannenbaum is by no means a trendsetter in terms of senior executives departing from SoFi. In recent months, Chief Financial Officer Nino Fanlo, co-founder Dan Macklin, and Chief Information Security Officer Yassir Abousselham all left the company.
SoFi is one of the fastest growing companies in the U.S. and has recently seen extensive coverage in the news for a variety of reasons. First, SoFi has indefinitely postponed its plan to go public. The company was initially scheduled for an IPO as early as the end of 2015, but those plans have since been stalled. Cagney has stated that he is in no great haste to go public and is willing to wait for the perfect opportunity when both the market and the company’s infrastructure can support the venture.
More recently, SoFi has made a couple of moves that signal the company’s ambition to diversify by getting into the insurance, wealth management, and online banking industries. However, the company still intends to keep lending as the foundation of their business.
In February, SoFi acquired Zenbanx in an attempt to make headway into banking. Zenbanx’s checking and credit cards services, tech, banking system and infrastructure, and personnel would all seemingly help SoFi get started in the banking world. However, as reported by The Student Loan Report, SoFi announced in July that it was shutting down Zenbanx and closing all customer accounts.
Additionally, SoFi applied for a bank charter with the FDIC in June of this year. If approved for the charter, SoFi would have the capability to take deposits, open checking and savings accounts, and offer debit and credit cards.
While originally grounded in student loan refinancing and private student loans, SoFi has seen considerable growth since. The company has over 1,000 workers and over 300,000 customers while underwriting over $20 billion in loans.
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