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Silicon Valley has given its two most noted fintech outcasts a second chance. Lapanche (Lending Club's ousted founder and CEO) new startup Upgrade is now lending over $100m / month and Cagney (ousted SoFi founder) with his new company Figure which is using blockchain and AI in home-equity loans. Here's to hoping that lessons were actually learned from the first go-around and that both entrepreneurs come back smarter and stronger.
The risk is that lessons aren’t actually learned, or are forgotten too easily. Cagney’s return in particular raises questions because it has come so quickly, and because Silicon Valley is still far from where it ought to be on gender equality. Google, Facebook and Apple’s workforces are all just one-third female. And women account for barely more than a tenth of executive roles in the industry. Fintech comebacks are a healthy sign – the important thing is to come back different.
https://www.breakingviews.com/considered-view/fintech-outcasts-get-second-life-in-silicon-valley/
