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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

House passes government funding, debt ceiling bill

Speaker Nancy Pelosi. Photo by Kevin Dietsch/Getty Images

The House passed a bill on Tuesday to fund the government through early December, along with a measure to raise the debt ceiling through December 2022.

Why it matters: The stopgap measure, which needs to be passed to avoid a government shutdown when funding expires on Sept. 30, faces a difficult journey in the Senate where at least ten Republicans would need to vote in favor.

The Democrats' debt dilemma

Illustration: Aïda Amer/Axios

Democrats find themselves in a political and potentially catastrophic economic quagmire as Republicans stand firm on denying them any help in raising the federal debt ceiling.

Why it matters: The Democrats are technically right — the debt comes, in part, from past spending by President Trump and his predecessors, not only President Biden's new big-ticket programs. But Senate Minority Leader Mitch McConnell (R-Ky.) is saddling them with the public relations challenge of making that distinction during next year's crucial midterms.

Pelosi's endgame

House Speaker Nancy Pelosi appears at a news conference on Tuesday. Photo: Sarah Silbiger/Bloomberg via Getty Images

House Speaker Nancy Pelosi (D-Calif.) began her infrastructure endgame Tuesday, pressuring centrists to ultimately support as much social spending as possible while pleading with progressives to pass the roads-and-bridges package preceding it.

Why it matters: Neither group can achieve what it wants without the other, their ultimatums be damned. The leaders of both acknowledged the speaker's unique gift for pulling off a deal after separate conversations with Democratic leaders.