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SoFi has spent the year trying to “build the muscle to be a public company,” the CEO Anthony Noto wrote in a letter to shareholders. SoFi has talked to special purpose acquisition companies about going public, Reuters reported this month.
The company also has marketed its personal loans as a way for people to finance home improvements. Revenue from home loans reached $120 million on an annualized basis in the third quarter. SoFi didn’t detail in the letter how it defined several financial metrics, including how it adjusted earnings and how it annualized revenue. The company’s net loss for the quarter couldn’t be learned. The company’s finances also appear to have benefited from some staff cuts. It laid off more than 100 employees in April, Business Insider reported. The company boosted hiring later in the year. Noto wrote in the letter to shareholders that SoFi added 166 employees in the third quarter.
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