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SoFi’s plan to be the bank of the future not going so well

Just a few years after Mike Cagney co-founded Social Finance Inc. https://www.sofi.com/ , he was already talking about how his new venture was going to "kill banks."

Having built a decent business refinancing student loans taken out by graduates from top universities, SoFi’s brash and quirky founder dreamed of creating a "Wells Fargo of the future." It would market things from insurance and mortgages to wealth management to Millennials.

Now, with Cagney felled by a flurry of sexual harassment allegations, the question is whether SoFi has any chance of building the financial supermarket he envisioned. This was always going to be a tall order, with the intense competition from big banks and startups alike, but now SoFi’s image has been tarnished as well.

By Julie Verhage and Selina Wang

http://www.sfgate.com/business/article/SoFi-s-plan-to-be-the-bank-of-the-future-not-12259832.php

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