| Michael Cagney | |
| Alma Mater: | University of California, Santa Cruz Stanford Graduate School of Business |
| Occupation: | Entrepreneur |
| Known For: | Figure Technologies, Co-Founder and CEO (2018 - Present) SoFi, Co-Founder and CEO (2011 – 2017) |
Michael 'Mike' Cagney is an American entrepreneur. He is the co-founder and CEO of financial services company Figure Technologies, a member of the founding team of Provenance Blockchain and the co-founder and former CEO of SoFi.[1] Cagney is also co-founder and was the managing member of hedge fund Cabezon Investment Group.
Cagney grew up in Southern California and received a degree in applied economics from the University of California, Santa Cruz.[2] 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.[3]
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.[4] Stanford ran a pilot SoFi program, seeded with $2 million from 40 alumni and disbursed to 100 graduate business students.[5] By 2013, the company had funded $200 million in loans to 2,500 borrowers at 100 eligible schools.[6] By 2015, the company was offering mortgages in more than 20 states[7] and had funded more than $4 billion in loans.[8]
In 2016, Cagney was named to Business Insider’s Creators list of top 100 business visionaries creating value for the world.[9] By 2017, SoFi had a valuation of over $4 billion and had extended more than $20 billion in loans.[10] The company had also expanded its services to include mortgages, personal loans, wealth management services and life insurance.[11]
In September 2017, Cagney left SoFi after several workplace controversies, including allegations of sexual misconduct and presiding over a toxic work environment.[12] [13] 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.[12]
In 2018, Cagney and his wife, June Ou, co-founded fin-tech startup Figure Technologies, which creates and packages financial assets.[14] As of 2019, the company had raised over $225 million and was valued at $1.2 billion.[15] 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.[13] In August 2021, Figure Technologies agreed to merge with mortgage lender Homebridge Financial Services.[16] In June 2022, the merger was cancelled[17] . In March 2024, Figure Technologies spun off its Lending division by establishing a new parent entity, Figure Technology Solutions (FTS)[18] . Mike Cagney is the Executive Chairman of Figure of Figure Technology Solutions[19] . As a result of the spin-off, Cagney is the Chief Executive Officer of Figure Markets[20] .