Social Finance CEO Anthony Noto has spent nearly three years trying to turn around the online lender after internal turmoil. The business now appears to be on a stronger footing as low interest rates drive more borrowing and refinancing across the U.S.
Social Finance, known as SoFi, pulled in about $200 million in revenue in the third quarter and also generated positive earnings before interest, taxes, depreciation and amortization and other exceptions, the first time it has done so since 2017, Noto wrote in a letter to shareholders last month. The improvements, which haven’t previously been reported, have come as more financial services startups have been looking to go public, including online lender Affirm and mortgage underwriter Better.com.
