Ex-SoFi CEO’s New Blockchain Startup Is Getting Into Banking

Mike Cagney, the former embattled chief executive officer of Social Finance Inc., has a new startup that plans to announce a $65 million funding round Feb. 27, bolstering the lending company’s expansion into other financial services, including wealth management.

With the new venture, Cagney is using some of the strategies from his tenure at SoFi—like diversification into areas typically only occupied by traditional banks. However, the new company is focusing on different customers, and it’s taking steps to avoid scandals similar to the ones that saw Cagney step down from the SoFi helm.

San Francisco-based Figure uses blockchain technology to ...