SoFi’s Plan to Become the Bank of the Future Isn’t Going So Well

Just a few years after Mike Cagney co-founded Social Finance Inc., he was already talking about how his new venture was going to “kill banks.”

Having built a decent business refinancing student loans taken out by graduates from top universities, SoFi’s brash and quirky founder dreamed of creating a “Wells Fargo of the future.” It would target millennials with products ranging from insurance and mortgages to wealth management.

Now, with Cagney felled by a flurry of sexual harassment allegations, the question is whether SoFi has any chance of building the financial supermarket he envisioned. This was always going to be ...