Ex-SoFi CEO Starts Blank-Check Company to Raise $250 Million

Photographer: David Paul Morris/Bloomberg

Mike Cagney’s blockchain lending startup Figure Technologies Inc. plans to raise $250 million through a new blank-check company, according to an SEC filing.

The special purpose acquisition company, or SPAC, is called Figure Acquisition Corp. I and is sponsored by an affiliate of Figure’s dubbed Fintech Acquisition LLC. Ellington Management “owns a significant economic interest” in the fintech entity and “has the right to designate a director for election to our board of directors,” according to the filing.

Figure, a mortgage firm, has not yet selected any business combination target nor initiated any “substantive discussions” with any company, the filing said. A representative for Figure declined to comment beyond what was in the filing.