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Cagney plans to step down as CEO by the end of the year, following claims and a lawsuit over sexual harassment. There have been additional concerns that aggressive "growth at all costs" was coming at the expense of tight risk and compliance controls.
SoFi was founded in 2011 and began by refinancing the loans of elite students online. Since then, it has branched out to offer mortgages and personal loans, and it recently began the process of applying for a banking license. The privately held company, which is valued at more than $4 billion, has raised in nearly $2 billion from investors, including SoftBank, Discovery Capital and Baseline Ventures. The firm was sued in August by a former employee at the company's main satellite office, in Healdsburg, Calif., who said that he had been fired after complaining about managers sexually harassing their subordinates.
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