Mike Cagney, the former CEO, has begun a new startup and already has the funding he needs from a previous investor. Figure is a blockchain-focused startup that will ensure loan approvals are made much quicker. Cagney was able to raise the $50 million capital funding from various investors like DMC Ventures, Mithril Capital Management and Ribbit Capital.
Cagney worked with DCM Ventures in 2012 when he was trying to fund SoFi.
Figure will provide home equity loans that range from three to 10 years. It will also offer a buy-lease back product, which will buy retiree homes and lease them back. When the recession hit, many banks stopped the practice, but it appears to be gaining some attention once again because of the rise in home prices.
It’s no real surprise that Cagney is going with a blockchain startup, as he recently said SoFi was looking at how blockchain could be used to change title insurance. He said the Ethereum blockchain has already intrigued him because of its infrastructure applications.