Mike Cagney, the founder and ex-CEO of SoFi, has raised more than $100 million to support his new startup Figure Technologies inc. This two-year-old startup is about to cross its total valuation up to $1 billion with the group of its investors including SoftBank, Silver Lake Partners, RMV Ventures, Ribbit Capitals, Nimble’s Ventures, Morgan Creek and Third Point Ventures. In May 2019, Figure got another investment.
Sofi uses a new technology of blockchains to grant home equity loans online to reduce the time and make the process of loan hassle-free. In 2018, the company rolled out its first loan and earned more than 80 million within one month.
Figure had faced certain problems related to loans in 2017 after SoFi series F funding was raised in February. In order to grab its bonus, it recorded improper loans with SoFi’s CEO Cagney. Later, it was claimed by the employees of SoFi and Cagney stepped down as CEO on Sep 15, 2017.
With the flood of new products from Figure in a shorter time, investors are partially interested in the company. It is planning to provide home loans to its old customers who have tied up wealth and no source of income through it. In recent times, and the startup is more likely to hunt young demographic who are looking for student loans.
Figure currently has three products: Home equity line, Mortgage line, and Student loan refinance. It is also working on a money market product, which will be launched in 2020. It also has plans to expand the businesses, which include wealth management, unsecured consumer loans, and checking accounts, with the involvement of partner banks.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.