Online lender Elevate Credit (ELVT) began trading shares of company stock on Thursday; the firm's CEO Ken Rees talked with CNBC about subprime lending and the IPO; shares opened for the day at $6.50 with a 19% increase to close at $7.76 giving it a market cap of $270 million; the offering was below expectations which had the stock estimated at $12 to $14; the firm offers loans to subprime borrowers with an underwriting system that considers over 10,000 data points. Source
Elevate Credit reported its second quarter earnings results on Monday, July 31; revenue for the quarter was $150.5 million, increasing 18.7% from the comparable quarter; earnings per share were $0.08, increasing from a loss of -$0.59 in the second quarter of 2016; business highlights noted in the earnings release included over $200 million in total principal outstanding with more than 120,000 open accounts, the launch of Elevate Labs and the introduction of the RISE line of credit product in Kansas. Source
Elevate Credit has appointed Tony Leopold as its new general manager for the firm's Rise product; Leopold brings over 20 years of experience in strategy, business development, finance and operations from roles at United Rentals and Bain and Company; Rise is Elevate's flagship product offering unsecured consumer loans of $500 to $5,000. Source
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