Former SoFi CEO Mike Cagney. Photo: Rob Lever/Getty

Mike Cagney, the recently ousted CEO of SoFi, is seeking up to $25 million for a new fintech startup focused on home equity lines of credit, according to Recode. His co-founder is wife June Ou, SoFi's former CTO.

Why it matters: If 2017 was the year in which VCs began to fire controversial execs, 2018 may be the year in which they're forced to decide on quick-turn second acts.

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"Cagney's outreach is said to be aggressive and extensive — and given his controversial past, it has investors talking. He has not admitted any wrongdoing amid the news stories and lawsuits against SoFi, which helps students refinance student loans... Some of the initial money for the startup will come from Cagney's own pockets, people said. That money will likely be enough to launch the startup."

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Why it matters: "Whether we're closer to 200,000 or closer to 300,000 depends on what we do now and how it evolves," Gottlieb warned on Sunday as the U.S. surpassed five million confirmed coronavirus cases.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 19,680,042 — Total deaths: 727,777 — Total recoveries — 11,962,565Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 5,002,523 — Total deaths: 162,455 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Nancy Pelosi says states don't have the funds to comply with Trump's executive order on employment — Trump adviser Larry Kudlow says he regrets suggesting the benefits could only be extended by Congress.
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — Poll: 1 in 3 Americans would decline COVID-19 vaccine.
  5. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.