SoFi CEO on going public: "There’s no urgency to do it." – New York … – New York Business Journal

Mike Cagney, CEO and co-founder of SoFi.

Mike Cagney is in no rush to take SoFi public.

In a conversation with Fortune's Erin Griffith, the CEO and founder of the online lending and personal finance startup spoke about the company's delayed IPO plans (see video above).

Mike Cagney, CEO and co-founder of SoFi.

"The industry in general was getting hit pretty hard on the public market side," Cagney said. "We were able to raise capital from a tier one investor [Silver Lake] at a valuation that was a premium to the last round we did."

Earlier this year, SoFi raised $500 million in Series F financing led by tech investor Silver Lake. The investment round brought the San Francisco-based company's total equity funding to $1.9 billion a large chunk of that comes from the $1 billion it raised from SoftBank.

SoFi, which recently opened up a Manhattan office at 860 Washington St., intends to be opportunistic, Cagney explained.

"Our view is we'll go public when we're ready to. We're profitable. We're growing at a very aggressive pace right now," he said. "I wouldn't say we're not ready. It's a process of getting the right folks in place."

Dan Macklin, one of SoFi's original four co-founders, announced in May that he would be stepping down as vice president of community and member success. Before that, former SoFi president and CFO Nino Fanlo also left the company.

Fanlo switched over to San Diego-based biotech Human Longevity Inc.

Cagney's fellow co-founder, Ian Brady, also left the company. He is currently the chief product officer of Kensho and the CEO of Boston-based nutritional firm Ava.

Sofi started its business refinancing student loans. It has since expanded into blockchain, insurance and mortgages.

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SoFi CEO on going public: "There's no urgency to do it." - New York ... - New York Business Journal