A new report from The Wall Street Journal indicated that SoFi may finally be moving towards an IPO. 

Social Finance Inc., or SoFi, may finally be inching towards an initial public offering (IPO), according to a letter obtained by The Wall Street Journal.

The online personal finance company that specializes in student loan refinancing logged record earnings and loan volume in the second quarter of 2017. Many speculate that SoFi’s second quarter performance will push the company closer to an IPO.

According to an investor letter obtained and reviewed by The Wall Street Journal, SoFi CEO Mike Cagney sounded rather excited about the potential for a SoFi IPO in the near future. Previously, Cagney had held firm on his position that no IPO would be taking place in the relative future.

Since Nino Fanlo stepped down as CFO at SoFi at the end of May, Cagney has been on the hunt for a new chief of finance to help manage the fintech company. In the investor newsletter, Cagney wrote that he and his colleagues “believe we can find a world-class candidate who can guide the company to an IPO in the not-so-distant future.”

Of course, Cagney added the following to the end of that statement: “But I’m still not saying when.”

The timetable for a SoFi IPO has been quite fluid and misleading, to say the least. For example, Mike Cagney had stated in 2014 that SoFi would be filing for an IPO in early 2015. However, after Social Finance raised $1 billion from the Japanese tech giant SoftBank Group, the plans for an IPO were put on hold indefinitely.

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However, now that both revenue and earnings for SoFi are up from the second quarter of 2017, the company seems willing to think about an IPO in the near future. According to the investor letter, SoFi recorded a second quarter revenue of $134 million and adjusted earnings, before interest, taxes, depreciation, and amortization, of $61.6 million.

The upward trend of SoFi’s revenue and earnings is a reversal in the trend from last year, in which lending companies were performing rather poorly. SoFi handled over $3.1 billion in transactions dealing with student loans, personal loans, and mortgages during the second quarter of 2017.

SoFi’s dealings have been covered by The Student Loan Report extensively over the past few months. In early July, SoFi announced that they were shutting down Zenbanx only six months after acquiring the online banking provider. SoFi had purchased Zenbanx in February as an introduction into the banking industry. Going off of that, SoFi's application for a banking charter is still under consideration by the FDIC.

Later in July, SoFi was able to confirm that its Chief Revenue Officer Michael Tannenbaum was departing from the company to pursue other ambitions. Tannenbaum followed in the footsteps of a few other SoFi executives, such as Fanlo, co-founder Dan Macklin, and Chief Information Security Officer Yassir Abousselham, who all left the company.

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