A startup backed by a record-breaking fundraising round wants to become your finance, career, and lifestyle hub
In a wide-ranging interview, he told Business Insider about the firm's plans to take on the big banks. He said he's targeting a $30 billion valuation for the company.
And the key to achieving those goals will be adding services that aren't finance-based but value-based, Cagney said.
He added (emphasis ours):
The key is, some of these things aren't financial. You know about our career services, and our entrepreneur support, but we're looking for other ways to leverage our member base and connect people in value-added ways, that really start positioning SoFi as finance, career and lifestyle. And we think that's an important way to describe the business as we build a path to valuation.
The company got its start by refinancing student loans and has since expanded into other lending businesses. It raised $1 billion in September, the biggest financing round by any company in the financial technology, or fintech, industry.
Cocktail party
"We're going to be the first to start delivering solutions into our community that aren't necessarily financial-based but are value-based," Cagney said.
One example of this approach in action is the introduction of a service that will allow SoFi users invest in startups through the SoFi website. SoFi's members will be able to raise the capital for free, according to Cagney.
"It's equity. It's not debt. It's a pretty cool and alternative way to help people get their businesses up and going," he said.