There has been a lot of news coming out about SoFi recently; first came the departures of several senior executives; then news of a sexual harassment lawsuit came in August; now CEO Mike Cagney is stepping down as CEO from the company by the end of the year, having already stepped down as Chairman; in a letter sent to employees Cagney wrote, “The combination of HR-related litigation and negative press have become a distraction from the company’s core mission. I want SoFi to focus on helping members, hiring the best people, and growing our company in a way consistent with our values. That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you.” Source
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Two cases involving sexual harassment charges have been filed against SoFi; CEO Mike Cagney wrote an open letter regarding the cases, stressing that he is taking the complaints seriously; Cagney and SoFi's legal team are in the process of investigating and responding to the filings. Source
SoFi is one of the US's fastest growing alternative finance companies; the Financial Revolutionist talks with Mike Cagney about the firm's accomplishments, success factors and future objectives; Cagney provides insight on the firm's recent acquisition of Zenbanx and $500 million fundraising; discusses how these deals will drive growth for the firm and the other areas of the business the firm is working to expand. Source
In many ways SoFi has become the leading company in all of fintech at least in this country. They raised...
Today, Klarna announced an interesting new global partnership with Uber.
Klarna is now a payment option for Uber users in the U.S., Germany and Sweden. Interestingly, Klarna is not offering its typical Pay-in-4 payment method. Instead, this is for the Pay Now option that allows users to pay in full with their Klarna account in one click.
It has been a bad few weeks for SoFi. Back in August there was the news of a sexual harassment...
John Battelle, founder of Newco, talks with SoFi's Mike Cagney about the firm and its business growth; Cagney talks about the firm's customer commitment and the support customers receive over traditional banks; also reports on the verticals it has expanded to since starting the business with student loans; additionally Cagney provides some metrics on the business including that the company has $1 billion in equity on its balance sheet, $6 billion of lending capacity, $9.5 billion in loans for 2017 and estimates $18 to $20 billion in loan originations for 2018. Source
Sofi has been leading the US fintech market with new products and record originations from its core student loan business; they recently acquired Zenbanx to offer deposit products; they are also expanding into nearly all aspects of financial services; Lend Academy talks with Mike Cagney in their podcast; Mike talks about their business model and how they are different from other top US lenders; also provides insight on their securitization funding and strategy. Source
SoFi has been somewhat of a quiet achiever in the p2p lending industry. But they have been breaking a lot...
When I first chatted with Mike Cagney back in 2011, when he was CEO of SoFi, it was clear he had big goals.
His second act in fintech, Figure, quickly became a leader in home equity lending with all loans originated and processed through blockchain technology.