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.[citation needed]
Michael Cagney | |
|---|---|
| Alma mater | University of California, Santa Cruz Stanford Graduate School of Business |
| Occupation | Entrepreneur |
| Known for | Figure Technologies, Co-Founder and CEO (2018 - Present) SoFi, Co-Founder and CEO (2011 – 2017) |
| Website | www |
Career
editCagney 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] In June 2022, the merger was cancelled[17]. In March 2024, Figure Technologies spun off its Lending division by establishing a new parent entity, Figure Technology Solutions (FTS)[18]. Mike Cagney is the Executive Chairman of Figure of Figure Technology Solutions[19]. As a result of the spin-off, Cagney is the Chief Executive Officer of Figure Markets[20].
References
edit- ^ Connie Loizos, "SoFi founder Mike Cagney’s already well-funded new startup is raising another $100 million," TechCrunch, December 1, 2019.
- ^ Andy Kessler, "The Uberization of Banking," The Wall Street Journal, April 29, 2016.
- ^ Cohan, Peter (15 May 2012). "SoFi's Mike Cagney Wants to Fix Student Loans". Forbes. Retrieved 10 February 2021.
- ^ David Goll, "Stanford grads launch student loan program," Silicon Valley Business Journal, April 6, 2012.
- ^ Ann Carrns, "SoFi Tapping Alumni to Help With Student Loans," The New York Times, April 3, 2012.
- ^ Peter Renton, "SoFi Adding Leverage For Their Alumni Investors," Lend Academy, September 24, 2013.
- ^ Jody Shenn and Dakin Campbell, "SoFi CEO Sees $4 Billion of Loans as Startup Seeks Mortgages," Bloomberg News, March 10, 2015.
- ^ "A startup out to displace Wall Street banks just hired ex-SEC chairman Arthur Levitt," Business Insider, September 9, 2015.
- ^ Martin, Emmie (13 June 2016). "Meet the top 100 business visionaries creating value for the world". Business Insider. Retrieved 20 February 2021.
- ^ Peter Rudegeair, "In Second Act, a Silicon Valley CEO Opens Up About Affairs," The Wall Street Journal, July 27, 2018.
- ^ Anna Irrera, "Ex-SoFi CEO Cagney's startup debuts digital home equity loans," Reuters, October 9, 2018.
- ^ a b "Online lender SoFi CEO Cagney to step down," Reuters, September 11, 2017.
- ^ a b Tempkin, Adam (3 September 2020). "Former SoFi CEO Cagney Sells Biggest Heloc-Backed Bond in Decade". Bloomberg. Retrieved 17 February 2021.
- ^ Selina Wang, "SoFi's Former CEO Harnesses the Blockchain for Home Loan Startup," Bloomberg News, April 30, 2018.
- ^ Connie Loizos, "Mike Cagney is right now testing the boundaries of the US banking system," TechCrunch, December 4, 2020.
- ^ Katherine Chiglinsky, "Cagney’s Figure Agrees to Merge with Lender Homebridge," Bloomberg News, August 3, 2021.
- ^ Nunes, Flávia Furlan. "Figure and Homebridge cancel planned merger". HousingWire. Retrieved 2024-11-18.
- ^ "New Parent for Figure Lending". Home Equity Lending News. 2024-03-18. Retrieved 2024-11-18.
- ^ Marx, Sarah. "Figure names Michael Tannenbaum as CEO". HousingWire. Retrieved 2024-11-18.
- ^ Kumar, Ravi (2024-03-18). "SoFi founder Mike Cagney's Figure Markets Raises $60M to Build "Everything Marketplace"". AlexaBlockchain. Retrieved 2024-11-18.