SoFi's Ex-Venture Head Said to Raise $150 Million Fintech Fund

(Bloomberg) -- Social Finance Inc.’s former head of ventures and corporate development, Logan Allin, is raising a $150 million fund to invest in early stage financial technology firms in the U.S. and abroad, including Asia, Europe and Israel, according to people familiar with the matter.

Mike Cagney, the former SoFi chief executive officer who quit amid allegations of sexual harassment at the fintech firm, will serve as a senior adviser to the fund, called Fin Venture Capital, said the people, who asked not to be identified discussing the private matter. Allin joined SoFi in 2017 to spearhead investments and roll out an internal venture capital fund, a project that the board of directors shelved after Cagney left, the people said.

Other advisers include Peter Early, former general manager of SoFi’s asset management, and Todd Ruppert, a former executive at T.Rowe Price, the people said. Allin is currently the sole managing partner of the fund, which is looking to hire more partners.

Fin Venture Capital declined to comment on the details of the fundraising. "Fin is a globally focused and early stage Fintech firm based in San Francisco," the company said in an emailed statement. "The firm’s mission is to be the premier partner and capital provider for early stage fintech."

Bloomberg has reported that since leaving SoFi, Cagney has raised $50 million for his new company Figure, which plans to use blockchain ledger technology to help expedite loan approvals in minutes rather than days. Fin Venture Capital intends to invest in Cagney’s new company, according to a person familiar with the matter.

Fin Venture Capital plans to invest in companies that will spin out of top fintech firms, like SoFi, Affirm Inc. and Stripe Inc. and sectors like real-estate technology, insurance technology and alternative lending. The venture firm will also look for corporate blockchain applications, but not investments in cryptocurrencies, the people said.

©2018 Bloomberg L.P.