Sure, Unicorns are adorable and hip these days, but why see yourself as a middling tech startup valued in the single digit billions when you can aim even higher?
If Snapchat can get a $12 billion valuation for helping people make their dick pics disappear, why can't you try to more than double that if your startup actually deals with, like, money?
Right, online lender SoFi?
The company raised $1 billion in September, helping establish Mike Cagney's endeavor as one of the best-funded startups in Silicon Valley.
The fund-raising was the biggest financing round by any company in the fintech industry.
Cagney is taking SoFi up against online lenders and brick-and-mortar banks alike — and pursuing a $30 billion valuation.
Three. Zero... Billion.
"We have a path that we're executing against, and it's around the idea that these are things, we think, [will] get us to a $30 billion valuation," he said in an interview with Business Insider.
Fidelity's recent cynicism notwithstanding, the path to an enormous valuation for a well-known FinTech startup these days seems to go a lot like this:
- Ask for it.
- Get it.
As Cagney tells BI in the story, Dodd-Frank and the culture that surrounds it have made the potential future bright for online lending, and SoFi is already up and running with serious revenue. If Pinterest can raise two Series G rounds at an $11 billion valuation, Cagney can sure as sh!t ask for almost three times that with a straight face... we guess.
But what do we do with nomenclature now? At $30 billion, SoFi is less a "Unicorn" than a dragon spitting per-money investment fire across a landscape littered with doubt and cloud storage plays.