Nine months after postponing its initial public offering amid a stock market swoon, online lender Elevate is still waiting for a market rebound.
While the IPO window is slowly opening for emerging software companies, the financial-tech market remains bruised by LendingClub and On Deck Capital, which are both trading way below half their 2014 offer price.
"We don't believe fintech public market comps have recovered sufficiently," Elevate CEO Ken Rees said in an interview on Tuesday at the Money 20/20 Conference in Las Vegas."We'll wait longer for traction."
He hopes 2017 presents an opportunity.
In the meantime, Rees is investing heavily in research and development as he aims to distribute Elevate's software-driven underwriting system into more U.S. banks.