Separately, Elevate is facing a skeptical investment environment. The company postponed its offering in January, citing unfavorable market conditions.
It's been a dead year for tech IPOs, with not a single venture-backed company going public in the U.S. since December. Software developer Twilio filed its prospectus in May, while data storage vendor Nutanix has been on file since December.
In Elevate's updated prospectus, the company reported a 46 percent increase in first quarter revenue to $130.7 million. Net income jumped to $5.79 million from $898,000.
Despite growth in sales and profitability, the public markets look particularly daunting for online lenders. LendingClub has gotten crushed since the sudden firing of founder and CEO Renaud Laplanche last month after the board discovered he knew of improper loan sales.
Business lender On Deck Capital is about 75 percent below its IPO price in late 2014. And in the start-up market, personal lender Vouch is shutting down, The Wall Street Journal reported over the weekend, citing people familiar with the matter.
"I don't think the market is fundamentally different from what it was five months ago in receptiveness to tech IPOs," Rees said. "We're still going to wait to see a broader improvement in the IPO market before we go ahead."
Elevate issues nonprime loans via the internet to borrowers who would otherwise typically go to storefront payday lenders at much higher rates.
Unlike LendingClub and Prosper, which fund loans with capital from a wide assortment of individual and institutional investors, Elevate counts on financing primarily from a single firm — Victory Park Management — and carries the loans on its balance sheet.