A company called Elevate Credit Inc. has just filed its paperwork with the Securities and Exchange Commission to come public via an initial public offering. No terms have been set, but the IPO filing is for up to $100 million in common stock. Elevate Credit plans to list shares under the “ELVT” ticker on the New York Stock Exchange.
Underwriters in the filing are shown to include UBS Investment Bank, Jefferies, Stifel, William Blair and BB&T Capital Markets.
Elevate’s filing shows that it grew revenues by 280% from 2013 to 2014, with $2.6 billion in loam originations, via 1.3 million customers served.
The company offers technology-driven online credit solutions to non-prime consumers. This is for consumers with credit scores of less than 700 and who are not well-served by either banks or legacy non-prime lenders.
The company’s filing said:
We currently offer online installment loans and lines of credit in the United States, or the “US,” and the United Kingdom, or the “UK.” Our products, Rise, Elastic and Sunny, reflect our mission of “Good Today, Better Tomorrow” and provide customers with access to competitively priced credit and services while helping them build a brighter financial future with credit building and financial wellness features.
Elevate Credit’s generation of products includes Rise, Elastic and Sunny. They have provided approximately $1.2 billion in credit to approximately 450,000 customers and generated strong revenue growth as follows (verbatim from filing):
Our revenues for the year ended December 31, 2014 grew 280% to $274 million from $72 million for the year ended December 31, 2013 and revenues for the nine months ended September 30, 2015 grew 67% compared to the nine months ended September 30, 2014. Our operating losses for the years ended December 31, 2014 and 2013 were $61 million and $52 million, respectively and were $4 million and $51 million for the nine months ended September 30, 2015 and 2014, respectively.
Rise is offered in 15 states for installment payments for loans of $500 to $5,000 for 4 to 26 months. The Sunny product is in the U.K., with loans of 100 to 2,500 Pounds for 6 to 14 months. The “Elastic” product is a line of credit available in 40 states for amounts of $500 to $3,500 for up to 10 months.
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