SoFi's Former CEO Harnesses the Blockchain for Home Loan Startup
- Cagney has raised $50 million and lined up two global banks
- The blockchain will help expedite loan approvals in minutes
Photographer: Ben Nelms/Bloomberg
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Mike Cagney, who built SoFi into America’s biggest student loan refinancer before quitting amid allegations of sexual harassment at the fintech firm, is preparing for his second act: a startup offering home-equity loans.
Cagney has raised $50 million for San Francisco-based Figure, which plans to use the blockchain to help expedite loan approvals in minutes rather than days, according to people familiar with the matter. Two global banks have agreed to finance loans and several firms have agreed to purchase them, say the people, who requested anonymity to discuss a private matter.