If there’s one thing that Mike Cagney specializes in, it’s quickly building billion-dollar companies. He did at SoFi, before leaving the company in 2017 after reports emerged about the alleged toxic culture at the online lender.
And now he’s done it again with Figure Technologies, the blockchain lending startup Cagney helped found just last year.
Thanks to a new round of funding, Figure is now worth more than a $1 billion and has now reached unicorn status, a term for privately held startups that are valued at more than $1 billion, in less than two years.
Reports emerged earlier this week that Figure was looking to raise more than $100 million, and that’s just what the company has done.
Figure announced this week that it raised $103 million in in Series C round of funding, bringing the company’s total capital raised to more than $225 million since last year.
The latest funding round also values Figure at $1.2 billion, firmly in the unicorn category.
According to the company, the funding round was led by Morgan Creek Digital and joined by MUFG Innovation Partners and other new and existing investors.
It’s the company’s second capital raise of 2019. Earlier this year, the company raised $65 million in its Series B equity funding.
Other Figure investors include DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, The Partners at DST Global, and others.
Cagney helped found Figure in 2018 after leaving SoFi in 2017.
But the shine wore off quickly after allegations of how SoFi actually operated came to light, including claims that the company fired a former employee for reporting sexual harassment allegations to his superiors.
Cagney resigned shortly thereafter, moving on to Figure, which provides different lending options via blockchain.