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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

Biden signs racial equity executive orders

Joe Biden prays at Grace Lutheran Church in Kenosha, Wisconsin, on September 3, 2020, in the aftermath of the police shooting of Jacob Blake. PHOTO: Jim Watson/AFP via Getty Images

President Joe Biden on Tuesday signed executive orders on housing and ending the Justice Department's use of private prisons as part of what the White House is calling his “racial equity agenda.”

The big picture: Biden needs the support of Congress to push through police reform or new voting rights legislation. The executive orders serve as his down payment to immediately address systemic racism while he focuses on the pandemic.

Senate confirms Antony Blinken as secretary of state

Antony Blinken. Photo: Alex Edelman/Pool/AFP via Getty Images

The Senate voted 78-22 on Tuesday to confirm Antony Blinken as secretary of state.

Why it matters: Blinken, a longtime adviser to President Biden, will lead the administration's diplomatic efforts to re-engage with the world after four years of former President Trump's "America first" policy.

2 hours ago - World

Former Google CEO and others call for U.S.-China tech "bifurcation"

Illustration: Aïda Amer/Axios

A new set of proposals by a group of influential D.C. insiders and tech industry practitioners calling for a degree of "bifurcation" in the U.S. and Chinese tech sectors is circulating in the Biden administration. Axios has obtained a copy.

Why it matters: The idea of "decoupling" certain sectors of the U.S. and Chinese economies felt radical three years ago, when Trump's trade war brought the term into common parlance. But now the strategy has growing bipartisan and even industry support.