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Figure founder and CEO Mike Cagney, speaking in 2017. Photo: Rob Lever/AFP via Getty Images

Figure, a San Francisco-based consumer lending platform, raised $103 million in Series C funding led by Morgan Creek Digital at a $1.2 billion valuation.

Why it matters: Figure is led by Mike Cagney, who resigned as CEO of SoFi after reports of company-wide sexual harassment problems — including Cagney's multiple relationships with female employees and at least one instance of sending unwanted texts (an incident which resulted in a financial settlement).

  • Other investors in the round include MUFG Innovation Partners, DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, and partners of DST Global.

Figure backers contacted by Axios are singing a consistent tune: We're confident Cagney has learned from his mistakes and his new company is "doing things better."

  • Anthony Pompliano (Morgan Creek): "Mike Cagney and others who worked at SoFi would say that they had a very 'results-oriented culture.' What that does is create a culture where people look past bad behavior when results are delivered. This is obviously not the right way to do things and the Figure team recognizes that. Mike specifically has been committed to doing things a different and better way at Figure. ... While we cannot go back and change the past, my partners and I built confidence over time that the team that has been assembled, coupled with the frequent focus and conversation around these topics, serve as a strong foundation to make sure that Figure is built in a way that doesn’t allow for those same mistakes to be repeated." 
  • David Chao (DCM): "Mike spent a good deal of time self reflecting after SoFi and I saw a clear positive change. Half of his direct reports are now women and the board proactively works with HR and legal to make sure that employees have a whistle-blower process that is best-in-class. What makes Silicon Valley special is that it’s an environment where people can make mistakes, learn from them and are given the chance to rebound. In Asia or Europe, usually it’s one strike and you are out. America loves a comeback story and Mike is more driven and motivated to build Figure into a world class company with more sensitivity."

Go deeper: SoFi CEO Mike Cagney resigns effective immediately

Go deeper

Updated 4 hours ago - Politics & Policy

What we know about the victims of the Indianapolis mass shooting

Leaders of the Sikh Satsang of Indianapolis participate in an interview addressing their grief. Photo: Jon Cherry/Getty Images

Law enforcement in Indianapolis have identified the eight people killed in Thursday's shooting at a FedEx facility.

The big picture: The Sikh Coalition said at least four of the eight victims were members of the Indianapolis Sikh community.

4 hours ago - Health

The health care system collects the effects of racism

Illustration: Sarah Grillo/Axios

A person without stable housing doesn't have a place to keep insulin cold. A person without a car may not be able to get to the doctor until it's an emergency. A low-wage worker is less likely to have health insurance, and therefore more likely to skimp on care they might need.

The big picture: The American health care system delivers far better results for white patients than it does for people of color, and those health disparities are in large part a reflection of broader social and economic inequality.