Online finance startup SoFi has lost yet another senior executive, the company has confirmed. Chief revenue officer Michael Tannenbaum is the latest exec to leave, following a string of departures in the company’s senior ranks.
Tannenbaum joined SoFi as VP of finance in 2014, but quickly moved up the ranks over the last few years. After the company moved beyond its student loan refinancing business to also include mortgages, he took over that business.
Most recently, Tannenbaum served as CRO, where he was responsible for driving the company’s growth strategy across all of SoFi’s core lending products, including student loan refinancing, mortgages and personal loans.
Tannenbaum is reportedly looking to work on his own startup in the finance space, according to a person familiar with the matter. Commenting on the departure, SoFi CEO Mike Cagney issued the following statement: “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 just one of many executives to recently leave SoFi’s senior ranks. Over the last several months, SoFi has seen CFO Nino Fanlo, co-founder Dan Macklin and CISO Yassir Abousselham all leave the company.
The departures are underscored in part by SoFi indefinitely delaying its previously announced IPO plans. While Cagney had announced several years ago that it was looking to go public as early as the end of 2015, those ambitions were stymied by rocky listings of other online lenders, most notably Lending Tree.
Earlier this week at the Fortune Brainstorm conference, Cagney said the company was in no rush to go public and would be opportunistic in waiting for the right moment. He also noted that part of the IPO process was about “getting the right folks in place.”
With so many executives leaving, re-stocking its bench and getting the right people on board will only get harder as the company looks to expand into new lines of business and growth opportunities.
While lending is still the core of SoFi’s business, the company is looking to expand into insurance, wealth management and online banking. It acquired an online banking startup called Zenbanx earlier this year and has applied for a bank charter, which, if granted, would give SoFi the ability to take deposits, offer debit and credit cards and drastically expand its product portfolio.
SoFi has raised nearly $2 billion in funding, including a $500 million round from Silver Lake earlier this year. Other investors include SoftBank, GPI Capital, Baseline Ventures, DCM Ventures, Discovery Capital, East West Bank, Innovation Endeavors, Institutional Venture Partners, Morgan Stanley, Renren, The Bancorp, Third Point Ventures, Thomvest Ventures, Wellington Management and Wicklow Capital.