Recode Decode: Mike Cagney, CEO, SoFi

Decoder with Nilay Patel

Vox Media Podcast Network

Technology, Business

4.3 • 3.2K Ratings

🗓️ 8 February 2016

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

SoFi CEO Mike Cagney sits down with Kara Swisher to discuss why financial technology startups are suddenly hot and how SoFi hopes to eventually replace your bank, even though it has no permanent physical locations. He also talks about why SoFi is planning to launch a dating app (no, really) and why it ran an ad during Super Bowl 50. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Today's sponsor is Casper. Get $50 to any mattress purchased by visiting Casper.com slash
0:05.7	recode and using the promo code recode, terms and conditions apply.
0:11.5	Recode Radio presents Recode Decode, hosted by Cara Swisher, powered by digital media.
0:18.3	Hi, I'm Cara Swisher, executive editor of Recode. You may know me as the only person in
0:22.6	America who doesn't watch the Super Bowl, but in my spare time I talk tech, and you're
0:26.6	listening to Recode Decode, a podcast about tech and media's key players, big ideas
0:31.1	and how they're changing the world we live in.
0:33.1	Today in the red chair we have Mike Cagney, the CEO of the Marketplace Lending Company,
0:38.2	SoFi. The company you've never heard of, but would recently raised a billion dollars
0:42.7	in funding. Mike is an entrepreneur and a macroeconomist who has founded several financial
0:47.5	services companies. He and his colleagues at SoFi say they want to be the ones to one
0:51.6	day replace your bank, and they may just do that. Welcome, Mike.
0:55.1	Thanks for coming.
0:56.1	You know, you're the company sort of come out of no year. You've been around for several
1:00.4	years.
1:01.4	About four years.
1:02.4	Yeah, but people are all excited about SoFi, suddenly.
1:04.3	Well, I think we're having a pretty big impact in the market. I think that our value proposition
1:09.1	is going to be very well received, and we have over 115,000 members today growing about
1:14.7	15 to 20,000 a month. So it's getting out there.
1:17.7	So let's get back to your background. I mean, people have probably attracted to the giant
1:20.2	funding that you got recently from Softbank and others. And we'll talk about that in a
	...

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