Mike Cagney, who was toppled last-place summer from the lending company he founded, is back with a new startup and a whole lot of funding from at least one of his previous investors.
According to a new report in Bloomberg, Cagney, who earlier this year organized a brand-new lending startup announced Figure, has raised $50 million to grow the company, which plans to use the blockchain to promote lend approvals in hours instead of days.
According to the company’s site, its lending commodities will include dwelling equity routes of approval, home increase credits and home buy-lease back offerings for retirement.
The round was led by DCM Ventures and Ribbit Capital and included those participating in Mithril Capital Management, Cagney confirmed to Bloomberg.
Ribbit Capital in Palo Alto, Calif ., has been preceding investments in the world of fintech and digital currencies because it founding practically six years ago. Others of its many gamblings include the online consumer lending fellowship Affirm, and Point, a startup that buys equity in U.S. homes.
Mithril, co-founded by Peter Thiel, prides itself on money firms that take time to build, with monies that have longer devoting timelines than do most traditional jeopardize vehicles.
The cross-border firm DCM Ventures, meanwhile, is perhaps the most interesting participant in this round. The rationalization: Back in 2012, DCM began investing in Social Finance, or SoFi, the company that Cagney founded previously.
It isn’t uncommon for VCs to invest in founders with whom they’ve acted before, of course. And SoFi has grown by leaps and bounds because it August 2011 launch. Though it initially focused on refinancing student loans, today it specifies personal and mortgage credits and capital management services, and it believe that there is pushing further into other bank-like services.
But Cagney was obliged out of the company last-place summertime , not long after a sexual harassment dispute was filed by a onetime employee who claimed he’d witnessed female works being harassed by both managers and was shelled after he reported it.
Another former bos who’d been stationed at SoFi’s office in Healdsburg, Calif ., told The New York Times that her work environment had been akin to a “frat residence, ” with employees “having sexuality in their automobiles and in the parking lots .” That same legend, based on conversations with 30 then-current and onetime employees, also expressed that Cagney himself had raised questions with faculty because of his own behaviour, including bragging about his sexual conquests.
Evidently, DCM and Figure’s other allies were able to brush aside concerns about anything of the sort happening again at Figure.( We’ve reached out to Cagney and Figure’s investors for more information .)
Employees are also flocking for Anatomy with the faith, ostensibly, that Cagney is well-positioned to create another financial services juggernaut. According to Bloomberg, the company has been previously humbly made a unit of 56 people. Among its brand-new hires is the former director hazard officer of LendingHome, Cynthia Chen, and the former primary legal counsel of PeerStreet, Sara Priola.