Mike Cagney, the founder and CEO of fintech giant SoFi, has just announced a new venture capital firm called Spactemkin. The news was reported by Bloomberg, revealing that the fund is targeting to raise $250 million. This marks an exciting new chapter for Cagney as he moves away from his previous role at SoFi and into the world of venture capital. We’ll discuss what this new venture means for investors, entrepreneurs, and the financial sector at large. Plus, we’ll explore what insights Cagney may be bringing to the table and how his experience with SoFi could influence Spactemkin’s strategy moving forward.
Mike Cagney, former CEO of SoFi, is launching a new company
In a recent interview with Bloomberg, Mike Cagney, former CEO of SoFi, announced that he is launching a new company. The yet-to-be-named company will be focused on providing credit products to consumers and small businesses.
Cagney resigned from his position as CEO of SoFi in September 2017 amid allegations of sexual harassment and misconduct at the company. He has denied any wrongdoing.
The new company will be based in San Francisco and is expected to launch in early 2019. Cagney has already raised $50 million from investors including Peter Thiel’s Founders Fund.
The new company is called Figure
1. The new company is called Figure
2. Mike Cagney, the former CEO of SoFi, is launching a new company
3. The new company is focused on providing financial services to underbanked consumers
4. The company has already raised $50 million from investors including Peter Thiel’s Founders Fund
5. Cagney wants to make Figure “the Amazon of banking”
6. Figure plans to launch its first product, a lending platform, later this year
Figure plans to offer loans, investing, and other financial products
1. Figure plans to offer loans, investing, and other financial products
As we reported earlier this week, fintech startup Figure is planning to launch a lending platform that would enable it to offer loans, investing, and other financial products to its users. The company has already raised $50 million in funding from a number of notable investors, including Peter Thiel’s Mithril Capital Management, Ribbit Capital, and DCM Ventures.
Now, in an interview with Bloomberg, Figure founder and CEO Mike Cagney has provided some additional details about the company’s plans. Cagney says that the goal is to provide “a full-stack solution for people who want to borrow money or invest money.” The lending platform will initially be focused on home equity loans, but the company plans to eventually expand into other areas such as student loans and small business loans.
Figure will also be launching an investing platform that will allow users to invest in a variety of assets, including stocks, bonds, and ETFs. The platform will initially only be available to accredited investors, but Cagney says that the company plans to eventually open it up to everyone.
In addition to these two platforms, Figure is also working on a number of other financial products that it plans to launch in the future. These include a savings account with no fees and a rewards-based credit card. Cagney says that the goal is to “build a one-stop shop for all of your
Figure has raised $250 million from investors including Peter Thiel
Figure, a financial technology startup founded by Mike Cagney, has raised $250 million from investors including Peter Thiel. The company provides loans and lines of credit to consumers and small businesses.
This latest investment round values Figure at $1.2 billion, up from its previous valuation of $800 million. Figure has now raised a total of $425 million from investors.
The company plans to use the new funding to expand its lending business into new markets and products. It is also working on launching a cryptocurrency exchange.
“We’re very excited about the potential for blockchain technology to revolutionize the financial industry,” said Cagney in a statement. “With this latest round of funding, we’ll be able to accelerate our plans to build the leading platform for digital assets.”
Figure will be launching its products in the coming months
1. Figure will be launching its products in the coming months.
2. The products will be available to consumers and businesses alike.
3. Figure aims to provide a simple and convenient way for people to access credit.
4. The company has already raised $50 million from investors such as Peter Thiel and Andreessen Horowitz.
5. Figure plans to use the funds to expand its team and develop its technology platform.