Mike Cagney

Michael 'Mike' Cagney is an American entrepreneur. He is the co-founder and CEO of financial services company Figure Technologies, a member of the founding team of Provenance Blockchain and the co-founder and former CEO of SoFi.[1] Cagney is also co-founder and was the managing member of hedge fund Cabezon Investment Group.

Michael Cagney
Alma materUniversity of California, Santa Cruz
Stanford Graduate School of Business
OccupationEntrepreneur
Known forFigure Technologies, Co-Founder and CEO (2018 - Present)
SoFi, Co-Founder and CEO (2011 – 2017)
Websitewww.mikecagney.com

Career

Cagney grew up in Southern California and received a degree in applied economics from the University of California, Santa Cruz.[2] In the 1990s, Cagney worked as a trader with Wells Fargo before leaving in 2000 to start Finaplex, a wealth management software company that was acquired by Broadridge Financial Solutions. He then founded Cabezon Investment Group, a global macro hedge fund that manages money from family offices, before taking a Sloan Fellowship at Stanford University’s Graduate School of Business in 2010.[3]

In 2011, Cagney and four fellow graduate students at Stanford Graduate School of Business created SoFi as a way to lower loan costs while providing a way for alumni to invest in students.[4] Stanford ran a pilot SoFi program, seeded with $2 million from 40 alumni and disbursed to 100 graduate business students.[5] By 2013, the company had funded $200 million in loans to 2,500 borrowers at 100 eligible schools.[6] By 2015, the company was offering mortgages in more than 20 states[7] and had funded more than $4 billion in loans.[8]

In 2016, Cagney was named to Business Insider’s Creators list of top 100 business visionaries creating value for the world.[9] By 2017, SoFi had a valuation of over $4 billion and had extended more than $20 billion in loans.[10] The company had also expanded its services to include mortgages, personal loans, wealth management services and life insurance.[11]

In September 2017, Cagney left SoFi after several workplace controversies, including allegations of sexual misconduct and presiding over a toxic work environment.[12][13] At the time of his resignation, Cagney said that the litigation and ensuing media coverage made his presence a distraction to the company’s mission.[12]

In 2018, Cagney and his wife, June Ou, co-founded fin-tech startup Figure Technologies, which creates and packages financial assets.[14] As of 2019, the company had raised over $225 million and was valued at $1.2 billion.[15] By 2020, the company had funded loans in excess of $1 billion, and begun offering securitizations backed by Home Equity Lines of Credit (HELOC), including the largest bond backed by a HELOC in over a decade.[13] In August 2021, Figure Technologies agreed to merge with mortgage lender Homebridge Financial Services.[16]

References
  1. Connie Loizos, "SoFi founder Mike Cagney’s already well-funded new startup is raising another $100 million," TechCrunch, December 1, 2019.
  2. Andy Kessler, "The Uberization of Banking," The Wall Street Journal, April 29, 2016.
  3. Cohan, Peter (15 May 2012). "SoFi's Mike Cagney Wants to Fix Student Loans". Forbes. Retrieved 10 February 2021.
  4. David Goll, "Stanford grads launch student loan program," Silicon Valley Business Journal, April 6, 2012.
  5. Ann Carrns, "SoFi Tapping Alumni to Help With Student Loans," The New York Times, April 3, 2012.
  6. Peter Renton, "SoFi Adding Leverage For Their Alumni Investors," Lend Academy, September 24, 2013.
  7. Jody Shenn and Dakin Campbell, "SoFi CEO Sees $4 Billion of Loans as Startup Seeks Mortgages," Bloomberg News, March 10, 2015.
  8. "A startup out to displace Wall Street banks just hired ex-SEC chairman Arthur Levitt," Business Insider, September 9, 2015.
  9. Martin, Emmie (13 June 2016). "Meet the top 100 business visionaries creating value for the world". Business Insider. Retrieved 20 February 2021.
  10. Peter Rudegeair, "In Second Act, a Silicon Valley CEO Opens Up About Affairs," The Wall Street Journal, July 27, 2018.
  11. Anna Irrera, "Ex-SoFi CEO Cagney's startup debuts digital home equity loans," Reuters, October 9, 2018.
  12. "Online lender SoFi CEO Cagney to step down," Reuters, September 11, 2017.
  13. Tempkin, Adam (3 September 2020). "Former SoFi CEO Cagney Sells Biggest Heloc-Backed Bond in Decade". Bloomberg. Retrieved 17 February 2021.
  14. Selina Wang, "SoFi's Former CEO Harnesses the Blockchain for Home Loan Startup," Bloomberg News, April 30, 2018.
  15. Connie Loizos, "Mike Cagney is right now testing the boundaries of the US banking system," TechCrunch, December 4, 2020.
  16. Katherine Chiglinsky, "Cagney’s Figure Agrees to Merge with Lender Homebridge," Bloomberg News, August 3, 2021.
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