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Investments

Ex-SoFi CEO Mike Cagney’s new startup Figure gets $65 million in funding

February 28, 2019, 4:13AM EDT

Blockchain-based fintech Figure has received $65 million in funding, American Banker writes. The company has raised a total of $120 million since its inception a little over a year ago. PM Ventures and partners at DST Global led the new investment round; other investors included DCG, Nimble Ventures, and Morgan Creek.

Mike Cagney’s new startup provides home equity loans, targeting a completely different demographic than SoFi—older homeowners with little cash. Cagney refers to them as “CLAREs — cash light and rich in equity.”

Figure has already set up over 1,500 home equity lines. Following the investment, it is planning to launch new services, such as unsecured consumer loans, wealth management, and checking accounts currently offered in partnership with an existing bank.

Cagney, who quit his position as the CEO of SoFi amid sexual harassment allegations, claims Figure has a ”very clear adherence to a ‘no-asshole’ policy.”

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