Michael Cagney (born ) 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 SoFi Technologies, Inc. (abbreviated as SoFi) is an American personal finance and financial technology company. Founded in 2011 at Stanford University, it operates as a direct bank and provides its technology platform to other financial institu ...

.Connie Loizos
"SoFi founder Mike Cagney’s already well-funded new startup is raising another $100 million,"
''TechCrunch'', December 1, 2019. Cagney is also co-founder and was the managing member of hedge fund Cabezon Investment Group.

Career

Cagney grew up in Southern California and received a degree in applied economics from the

University of California, Santa Cruz The University of California, Santa Cruz (UC Santa Cruz or UCSC) is a public university, public Land-grant university, land-grant research university in Santa Cruz, California, United States. It is one of the ten campuses in the University of C ...

.Andy Kessler
"The Uberization of Banking,"
''The Wall Street Journal'', April 29, 2016. 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. In 2011, Cagney and four fellow graduate students at

Stanford Graduate School of Business The Stanford Graduate School of Business is the Postgraduate education, graduate business school of Stanford University, a Private university, private research university in Stanford, California. For several years it has been the most selective ...

created SoFi as a way to lower loan costs while providing a way for alumni to invest in students.David Goll
"Stanford grads launch student loan program,"
''Silicon Valley Business Journal'', April 6, 2012. Stanford ran a pilot SoFi program, seeded with $2 million from 40 alumni and disbursed to 100 graduate business students.Ann Carrns
"SoFi Tapping Alumni to Help With Student Loans,"
''The New York Times'', April 3, 2012. By 2013, the company had funded $200 million in loans to 2,500 borrowers at 100 eligible schools.Peter Renton
"SoFi Adding Leverage For Their Alumni Investors,"
''Lend Academy'', September 24, 2013. By 2015, the company was offering mortgages in more than 20 statesJody Shenn and Dakin Campbell
"SoFi CEO Sees $4 Billion of Loans as Startup Seeks Mortgages,"
''Bloomberg News'', March 10, 2015. and had funded more than $4 billion in loans. In 2016, Cagney was named to ''Business Insider’s'' Creators list of top 100 business visionaries creating value for the world. By 2017, SoFi had a valuation of over $4 billion and had extended more than $20 billion in loans.Peter Rudegeair
"In Second Act, a Silicon Valley CEO Opens Up About Affairs,"
''The Wall Street Journal'', July 27, 2018. The company had also expanded its services to include mortgages, personal loans, wealth management services and life insurance. In September 2017, Cagney left SoFi after several workplace controversies, including allegations of sexual misconduct and presiding over a toxic work environment."Online lender SoFi CEO Cagney to step down,"
''Reuters'', September 11, 2017. 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. In 2018, Cagney and his wife, June Ou, co-founded fin-tech startup Figure Technologies, which creates and packages financial assets.Selina Wang
"SoFi's Former CEO Harnesses the Blockchain for Home Loan Startup,"
''Bloomberg News'', April 30, 2018. As of 2019, the company had raised over $225 million and was valued at $1.2 billion.Connie Loizos
"Mike Cagney is right now testing the boundaries of the US banking system,"
''TechCrunch'', December 4, 2020. 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. In August 2021, Figure Technologies agreed to merge with mortgage lender Homebridge Financial Services.Katherine Chiglinsky
"Cagney’s Figure Agrees to Merge with Lender Homebridge,"
Bloomberg News, August 3, 2021. In June 2022, the merger was cancelled. In March 2024, Figure Technologies spun off its Lending division by establishing a new parent entity, Figure Technology Solutions (FTS). Mike Cagney is the Executive Chairman of Figure of Figure Technology Solutions. As a result of the spin-off, Cagney is the Chief Executive Officer of Figure Markets.

References

External links

* {{DEFAULTSORT:Cagney, Mike 21st-century American businesspeople American technology chief executives American technology company founders Living people Year of birth missing (living people) 1970s births