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IPO Not in the Near-Term Plans for SoFi
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IPO Not in the Near-Term Plans for SoFi

IPO Not in the Near-Term Plans for SoFi

Fintech Nexus Staff·
News RoundupOnline LendingUSA
·Dec. 20, 2016·1 min read

In May 2015 SoFi’s CEO, Mike Cagney, said the company planned to go public within the next 12 months; current plans have changed and the CEO now says it has no plans for an IPO anytime soon; the market for online lending IPOs has been volatile in recent months; SoFi has also been significantly focused on expanding its products beyond just student loans to meet broader needs for its customers; the CEO says its business and expanding business lines subject it to quarterly fluctuations in reporting metrics which could be detrimental under public investor scrutiny; given the firm’s positioning it could be one of the industry’s leading beneficiaries of the OCC’s new fintech charter which will allow for national standards; as of last year SoFi had a valuation of approximately $4 billion and currently it’s involved in a $500 million funding round to increase loan purchases and potentially equity.  Source

 

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