Jul 17, 2020 • 53M

Podcast Conversation: Figure, SoFi and the Disruption of Finance with Mike Cagney

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Finance is being pulled apart by the forces of frontier technology. From AI, to blockchain, crypto and DeFi, to mixed reality, chatbots, neobanks, and roboadvisors — the industry will never be the same. Here is the blueprint for navigating the shift.

Hi Fintech Futurists,

Welcome back to the Fintech Blueprint / Rebank podcast series hosted by Will Beeson and Lex Sokolin. This is really an exceptional one!

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.

Transcript excerpt:

Mike Cagney:

Walmart made, I think, $6 billion in 2019, they paid $2 billion in interchange. And so every dollar is just a straight bottom line to the profit that they don't pay on interchange, but also we can do direct to consumer as well. And so we can offer this as a Figure branded solution to the consumers. And it's a really cool structure because it runs very economically and allows us to deliver a sustainable solution in underbanked and unbanked consumers. One of the things we're talking to merchants about is using the geolocation and Bluetooth aspect of this to allow them to pay their employees same day. So it hits your time clock when you walk into the store, it pays you when you leave.

And then we can also use the same geolocation for microcredit for thin file consumers. So when you walk into a Walmart, I can push you, you've got $50 of credit to spend here, you want to use it and allow people to start building credit history and so forth. So we think it's a really interesting solution. And it's one you're going to hear a lot about in the second half of this year, as we start bringing it to market. So it's built, it's working. And it's entirely based on blockchain…

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