According to a Bloomberg report, Social Finance, Inc. is in talks with banks to secure a revolving line of credit of as much as $1 bllion after posting a second quarter loss, according to people famiar with the atter.
According to the report, the loan would be a precusor to an IPO, which is expected to happen sometime next year according to sources. As reported by Bloomberg, SoFi is tryng to transform itself into a broad online financial-servces company and has been hinting at an IPO since at least 2015.
Read the full Bloomberg story here.