MoneyMe completes its acquisition of SocietyOne
Referring to its announcement from 17 December 2021, MoneyMe has now completed their acquisition of SocietyOne.
The MoneyMe acquisition of SocietyOne will boost revenue, customer and profit growth by realising significant operating leverage, delivering material cost synergy opportunities, delivering large revenue synergy opportunities from SocietyOne customer base, unlocking new distribution opportunities and leveraging the power of combined data.
89% of SocietyOne shareholders received 66,407,225 MoneyMe shares, with 11% of the consideration paid as a cash consideration option totalling just over $14.5m. SocietyOne shareholders own 28% of MoneyMe post transaction.
The transaction delivers a powerful combination of two of the leading innovators in the consumer lending market and will harness SocietyOne’s strong brand recognition as a pioneer in disruptive personal lending, with MoneyMe’s leadership in product innovation, efficiency and customer experience through its proprietary technology platform (Horizon).
The MoneyMe and SocietyOne businesses bring complementary distribution capabilities that will span across direct digital, direct traditional, broker, agent and dealer, as well as delivering improved data and funding opportunities. The combined business will deliver leading customer experiences with the increased scale accelerating the group’s pace of winning market share from incumbent lenders.
Clayton Howes, MoneyMe’s Managing Director and CEO said, “The SocietyOne acquisition combines two of the most widely recognised consumer credit disruptors to deliver immediate scale advantages and incremental revenue opportunities.
“There are many new innovations we will expand on, including the SocietyOne credit score product which will be brought to the MoneyMe customer base and the Banking-as-a-Service partnership with Westpac that we will continue to explore.
“We are excited to be leading industry consolidation and fast tracking our journey to become the number one non-bank credit provider in Australia.”
