From the LendIt Fintech Vault: Mike Cagney of Figure on Beyond the Hype – How Blockchain Changes Everything
With Figure in the news this week completing their first securitization using blockchain we thought it would be interesting to...
SoFi is becoming one of the US's largest and most comprehensive marketplace lenders. Since launching in 2011 they have originated over $15 billion in loans. They market themselves as a new kind of finance company and recently acquired Zenbanx, expanding their products to deposit accounts. SoFi also offers student loan refinancing, mortgage loans, personal loans, wealth management and life insurance.
In Lend Academy's recent podcast with SoFi, CEO Mike Cagney provides some insight on how the company might be valued on a per customer basis. Mike Cagney says larger banks are valued at approximately $10,000 to $100,000 per customer. SoFi currently expects to have 500,000 customers by the end of 2017 and 2 million customers in the next two to three years; at a value of $50,000 per SoFi customer, this would imply a $100 billion valuation. Source
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