Economics
Scandal-Plagued SoFi Posts Revenue Gain But Pulls Back Expansion
- Startup’s revenue rises but profit falls from previous quarter
- Firm will pull back from some of its expansion plans
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Social Finance Inc., the financial technology startup grappling with lawsuits alleging sexual harassment and other unethical actions by managers, said it posted higher revenue but a smaller profit during the third quarter.
The closely held San Francisco-based company also will pull back its international expansion plans and sell the hedge fund founded by SoFi co-founder and former Chief Executive Officer Mike Cagney, according to an investor letter from Executive Chairman and Interim CEO Tom Hutton obtained by Bloomberg.