Ex-SoFi CEO Mike Cagney’s new startup Figure gets $65 million in funding
February 28, 2019, 4:13AM EST
1 min read
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."
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.