Financial technology start-up Social Finance, or SoFi, received $1 billion in funding led by SoftBank on Wednesday. This marks the largest single financing round in fintech to date, according to the release announcing the funding. However, SoFi co-founder and CEO Mike Cagney told CNBC's "Squawk Alley" he's not necessarily ready for an initial public offering.
"I think that it gives us some time, and some option in terms of when we want to go public," he said. "I think it's a phenomenal endorsement of SoftBank on SoFi's business model and how we're executing, but more importantly, on the vision of SoFi."
Cagney said that vision does not include being "the origination arm of a bank."