Sofi Ex-CEO Receives 50$ Million Fund For His New Blockchain-Based Startup

Last summer, Mike Cagney was dismissed by a loan company he founded, but he returned with a start-up company, and he also got a lot of money from his former investors.

It is reported that earlier this year, Cagney established a loan company named Figure, and received 50 million US dollars in financing for company development. The company plans to use blockchain technology to promote loan approval within a few minutes instead of a few days.

According to the company’s website, its loan products will include home equity line of credit, home improvement loans, and family retirement repo loans.

The round of financing was led by DCM Ventures and Ribbit Capital, followed by Mithril Capital Management.

Ribbit Capital, based in Palo Alto, California, has been leading investment in financial technology and digital currency since its establishment six years ago.

Mithril, co-founded by Peter Thiel, prides itself on investing in companies that take time to polish. These companies spend longer than most traditional venture capital investments.

The multinational company DCM Ventures may be the most interesting participant in this round. The reason is that as early as 2012, DCM invested in SoFi.

Of course, it is not uncommon for venture capitalists to invest in founders who have previously worked with. SoFi has been developing rapidly since its release in August 2011. Although it initially focused on student loan refinancing, today it provides personal and mortgage loans as well as wealth management services, and it seems to be further promoting other financial services.

However, last summer, before Cagney was forced to leave the company, a former employee filed a sexual harassment lawsuit, claiming that he witnessed the female employee being harassed by the manager and was fired after he reported.

Another former employee who worked in the SoFi office in Healdsburg, California, said her work environment is similar to “social friendship,” and employees “have sex in cars and parking lots.” In conversations with 30 current and former employees, there are many similar stories, and even Cagney has also done an inappropriate behavior, such as bragging about their own sexual conquest.

Obviously, the other supporters of DCM and Figure are abandoning the negative news about the recurrence of Figure.

On the surface, employees have already flocked and Cagney seems ready to build another financial mogul. It is reported that the company has quietly formed a 56-person team. Its newly hired personnel include Cynthia Chen, former chief risk officer of LendingHome, and Sara Priola, former chief legal counsel of PeerStreet.

What are your thoughts? Comment below.

Make Sure To Follow Us On

Steemit- https://steemit.com/@thecoinowl
Instagram- https://www.instagram.com/thecoinowl/
Twitter- https://twitter.com/_OvO_TheCoinOwl?lang=en
Facebook- https://www.facebook.com/TheCoinOwl/