“We’re just dealing with a lot of headwinds in the industry right now,” Cagney said in an interview. Figure is not in any serious deal talks at the moment, the people said, and the startup is likely to delay raising money rather than agree to a down round at a lower valuation. That’s one-third the sum it initially planned. The company is currently seeking to raise $100 million, according to people familiar with the matter who asked not to be identified because the discussions were private.
In the last few months, several senior leaders have left Figure, including the president and chief financial officer it scrapped an attempt to take its lending business public through a special purpose acquisition company and executives slashed their targets on an ambitious fundraising effort. The culture among employees was known to be hard-charging, and at least occasionally, hard-partying too.īut recently, things have gotten tougher. The company at the time was valued at $3.2 billion, gaining it entrance into a rarified club of multibillion-dollar startups. Two years ago, when investors’ fintech frenzy was at its peak, Cagney raised $200 million for Figure. Russia Will Fail to ‘Break’ Ukraine, Estonia’s Spy Chief Says George Santos Gets Into Fight With Mitt Romney at State of the Union DebutĭeSantis Chides Trump as Republicans’ 2024 Presidential Race Heats UpĬhinese Balloon Was Part of Years-Long Spying Program, US Says Meta Asks Many Managers to Get Back to Making Things or Leave The company, which builds financial products on a blockchain, is also seeking to spin off some product lines as it navigates a dramatic industry downturn. (Bloomberg) - Mike Cagney, the former chief executive officer of lending giant SoFi, is searching for investors for his latest startup, Figure Technologies Inc.
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