SoFi, Figure co-founder raises $19M for newest venture

Mike Cagney, the founder of SoFi and Figure, has raised $19 million for his new venture, Navra. This is important for retailers because it signals the next evolution in how consumer loans are funded and managed. The goal is to move beyond the hype of crypto and use blockchain for 'real world' financial transactions. For a business owner, this means the backend technology powering your customer financing options is becoming more efficient and lower-cost. Navra aims to solve the technical hurdles that have kept traditional finance from fully embracing digital ledgers. By using the Provenance Blockchain, the company wants to make it easier for lenders to package, sell, and track consumer loans. When the infrastructure behind lending gets cheaper and faster, it usually leads to more competitive rates and higher approval volumes for the merchants who offer those loans at the point of sale. Cagney’s track record suggests this isn't just a tech experiment. SoFi changed how students and homeowners borrow, while Figure revolutionized home equity lines of credit. Navra represents the bridge between high-tech blockchain and the actual credit products your customers use every day. If successful, this could lead to more stable and transparent liquidity for the lenders you partner with.

Source: Banking Dive

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