Nearly a year after pulling its last attempt to go public, the online lender plans to ride the wave of renewed vigor in the space to IPO at a valuation of $487m.
Still, lending can be a tough place to go looking for investor love — a fact that LendingClub Corp. and On Deck Capital, Inc. can attest to as their stock prices are down 37 percent and 39 percent, respectively, over the past year. But Elevate managed to stay above the fray in 2016 — revenue went up by about one-third to $580 million. The company reported a wider loss of $22.4 million last year thanks mostly to a 75 percent increase in borrowing costs. Money raised through the IPO will be used to pay down outstanding debt owed to alternative-investment firm Victory Park Capital.