Career
Cagney grew up in Southern California and received a degree in applied economics from the University of California, Santa Cruz. [3] 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. [4]
In 2011, Cagney and four fellow graduate students at Stanford Graduate School of Business created SoFi as a way to lower loan costs while providing a way for alumni to invest in students. [5] Stanford ran a pilot SoFi program, seeded with $2 million from 40 alumni and disbursed to 100 graduate business students. [6] By 2013, the company had funded $200 million in loans to 2,500 borrowers at 100 eligible schools. [7] By 2015, the company was offering mortgages in more than 20 states [8] and had funded more than $4 billion in loans. [9]
In 2016, Cagney was named to Business Insider’s Creators list of top 100 business visionaries creating value for the world. [10] By 2017, SoFi had a valuation of over $4 billion and had extended more than $20 billion in loans. [11] The company had also expanded its services to include mortgages, personal loans, wealth management services and life insurance. [12]
In September 2017, Cagney left SoFi after several workplace controversies, including allegations of sexual misconduct and presiding over a toxic work environment. [13] [14] 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. [13]
In 2018, Cagney and his wife, June Ou, co-founded fin-tech startup Figure Technologies, which creates and packages financial assets. [15] As of 2019, the company had raised over $225 million and was valued at $1.2 billion. [16] 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. [14] In August 2021, Figure Technologies agreed to merge with mortgage lender Homebridge Financial Services. [17] In June 2022, the merger was cancelled. [18] In March 2024, Figure Technologies spun off its Lending division by establishing a new parent entity, Figure Technology Solutions (FTS). [19] Mike Cagney is the Executive Chairman of Figure of Figure Technology Solutions. [20] As a result of the spin-off, Cagney is the Chief Executive Officer of Figure Markets. [21] [22]
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