Posts tagged Current
Figure, SoFi and the Disruption of Finance with Mike Cagney
Figure, SoFi and the Disruption of Finance with Mike Cagney

Mike Cagney is the Co-Founder and CEO of Figure, a full stack financial services blockchain company with consumer offerings in market or on the way in lending, banking and more. In late-2019, Figure raised $103 million at a $1.2 billion valuation and continues to grow.

Prior to starting Figure, Mike co-founded and ran SoFi, one of the most successful consumer fintech companies ever.

In this conversation, we discuss Figure’s routes to asset origination and capital markets disruption, Figure’s previously unannounced consumer banking and payments offering, lessons learned building and scaling multiple billion dollar companies and more.

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crypto, decentralized finance, enterprise blockchain, entrepreneurship, roboadvisor, neobank, digital lending, fixed incomeLex SokolinFigure, SoFi, Mike Cagney, Provenance, Experian, Franklin Templeton, Silvergate, Walmart, Current, JP Morgan, Finn, HELOC
Square's Robinhood competitor and Robinhood's Square competitor are rented from API providers, delegating billions
Square's Robinhood competitor and Robinhood's Square competitor are rented from API providers, delegating billions

I look at two mental models explaining why and how financial APIs have led to the creation of billions in enterprise value. The driving news is that Square Cash is competing with Robinhood in free trading, powered by trading API company DriveWealth. Last week, we saw that Chime, Robinhood, and Monzo were powered by payments API company Galileo. Should these enablers be worth the billion-dollar valuations of their clients? Are APIs inevitable technology progress? Or are we just seeing venture financing spilling desperately into a rebundling play to find profitability?

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embedded finance, neobank, digital investingLex SokolinTink, Codefi, Hydrogen Platform, Revolut, OCC, DriveWealth, Galileo, Plaid, The Bancorp, Green Dot, Current, Metropolitan Commercial Bank