Logan Allin, former head of ventures and corporate development at Social Finance Inc., plans to raise $150 million for a venture capital fund, Bloomberg News reported, citing "people familiar with the matter."
The firm, known as Fin Venture Capital I LP, aims to invest in early stage financial technology firms in the U.S. and other geographies, including Asia, Europe and Israel. It may also invest in sectors like real estate technology, insurance technology and alternative lending. The firm is not eyeing investments in cryptocurrencies, but will look for corporate blockchain applications, according to the report.
Currently, Allin is the sole managing partner of the fund, but he looks to hire more partners, Bloomberg said. Former SoFi CEO Mike Cagney will serve as a senior adviser to the fund, and other advisers include Peter Early, former general manager of SoFi's asset management, and Todd Ruppert, a former T. Rowe Price Group Inc. executive, according to the report.
Cagney left the company in 2017 in the wake of a sexual harassment scandal. He recently raised $50 million for Figure, his latest fintech startup focused on home equity lines of credit. Allin's Fin Venture Capital plans to invest in Cagney's Figure, a source told Bloomberg.
