After pretty much denying that anything going on inside the company was of a sexual nature, SoFi has now admitted that now-former CEO Mike Cagney was having actual sex with more than one employee who is not his wife. That "revelation" does make us wonder if former CFO Nino Fanlo was really feeling so platonic when he gave all those unrequested massages to female employees.
While we're not surprised that things are unraveling fast for a startup that doth protested so much, we were pretty shocked that Cagney's departure came so swiftly after yesterday's news.
But after contact with a former SoFi employee, it seems like a reckoning within the online lender has been a long time coming. According to our source, the corporate atmosphere inside SoFi's Bay Area offices were so riven with batshit sexual impropriety and intense employee over-management that it makes Uber look like Hobby Lobby.
Not only were conditions at SoFi's offices reportedly notoriously micro-managed with lunch breaks and downtime strictly enforced and use of paid-time-off rewarded with verbal warnings and unofficial punishments, our source has detailed a litany of examples that make the sexual power dynamics inside SoFi look less like a Fintech startup and more like "Caligula in The Bay."
Per our source, it was not uncommon for SoFi employees to come upon scenes of sexual intercourse between managers and subordinates in office bathrooms. And it was even less shocking to watch those subordinates be promoted shortly afterwards.
And it wasn't just in the bathrooms.
"People would leave with a manager, go to the parking lot, have sex in the car, come back in and get promoted," says our insider.
At a holiday party SoFi threw for employees, one senior executive allegedly became so "enamored" with a female employee that he began to sext her in real time. After he received no response, he became angry and threatened her professionally. According to messages between SoFi employees seen by Dealbreaker, that executive left the party drunk and crashed his car. He was later promoted.
But that's just the "funny" stuff.
One manager was apparently so fond of having sex with his employee in the company bathroom that SoFi was twice forced to replace the toilet seat in they stall they used, once after it was found cracked in half. Another was allegedly prone to ask female employees to buy him lube.
And it also seems like SoFi better hope that Nino Fanlo's bookkeeping was better than his hand-eye coordination, because according to our source his visual aim was off whilst offering those non-sexual massages; "Nino Fanlo offered boob jobs."
Things grew so intense inside SoFi that our tipster says employees were notified last August that the head of HR would be taking a short leave of absence. She never returned.
Another former SoFi employee told Dealbreaker that while he was aware of rumors during his time there, he had a positive experience working for SoFi. While he was quick to speak highly of Mike Cagney, he demurred when asked about Fanlo.
In response to a request for comment, SoFi directed us to Mike Cagney's resignation statement from yesterday.
Taking into account SoFi's "delayed" IPO and recent examples of ludicrous bad behavior inside Silicon Valley mega-startups, it seems like we are only at the beginning of learning more about the goings on inside SoFi.
It's also pretty clear that maybe there wasn't as much hyperbole as we thought when people started calling it "The Uber of Online Lending." If anything it now sounds completely on the nose.