Just three months after Mike Cagney's board ousted him amid allegations of sexual harassment, the founder of SoFi is already plotting his comeback.
Cagney has been approaching investors in recent weeks about a new fintech startup with a plan to raise about $25 million, according to multiple people familiar with his outreach. He has pitched investors such as Peter Thiel along with several others who were backers of SoFi, a company that Cagney pushed to become worth almost $5 billion.
More from RECODE:
Marijuana is legal in California now. Will an Uber-for-pot gold rush follow?
Amazon killed their wine website — now the two founders are back with another What were the biggest tech stories of 2017?
The quick rebound has angered some industry observers and others close to Cagney, who only left SoFi on Sept. 15. Cagney was forced out after a series of damaging stories that detailed a workplace culture rife with alleged misconduct and improper treatment of women.
Cagney is starting the new company alongside his wife, June Ou, who previously served as SoFi's chief technology officer, the people said. The company does not yet have a name and has yet to be publicly announced — Ou's LinkedIn page says she will serve as the COO of a "#newCo."
Cagney declined to comment Friday. Ou did not respond to requests for comment.
The company is said to focus on HELOC, or home equity lines of credit, though the people said the idea was in the early stages and still required more sharpening. Ou this month shared a job posting on GlassDoor for engineers at a company soon to launch.
"We are launching a new FinTech focused company in the credit enablement space with the mission of leveraging blockchain, AI and advanced analytics to unlock new access points for consumer credit products that can transform the financial lives of our users," the listing reads. "We are a group of passionate innovators and serial entrepreneurs with a proven track record of creating billions of dollars in value in the FinTech space."
Cagney describes himself on social media now as an "entrepreneur, macro trader, philanthropist." Cagney previously worked at Cabezon Investment Group, his hedge fund that SoFi acquired in 2016, but one person said he would work full-time at the new company. The person said Ou could serve as the CEO and Cagney as her subordinate.