A first for Australian fintech: SocietyOne becomes first Aussie P2P to hit $500M in lending
SocietyOne has today become Australia’s first and only marketplace lender to reach $500 million in loan originations across its personal loan, agri lending and marketplace business, and is now setting its sights on reaching $1 billion by the end of calendar year 2019. The milestone follows a record August and the recent appointment of ex-Westpac and Citibank exec, Mark Jones, to the top job of CEO. “We’re delighted to have reached this significant milestone as we deliver an even better deal for our borrowers and investor funders,” said Mr. Jones. “We’ve been growing steadily over the past 12 months while we continued to transform our business and build new capabilities […]
SocietyOne celebrates 6th anniversary as total lending approaches $500 million
SocietyOne, Australia’s pioneering and leading marketplace lender, has celebrated its sixth anniversary of operations as total lending since inception approaches $500 million. After making its first loan in August 2012, SocietyOne has now helped more than 20,000 customers thanks to more than $480 million provided by its investor funders. Based on current lending volumes, SocietyOne expects to achieve $500 million in total lending in September – making it the first marketplace lender to achieve this milestone. Since the beginning of 2016, total lending has grown nearly 6 times and SocietyOne’s loan book now totals over $220 million, up from $41 million at the start of 2016. “The last 12 months […]
SocietyOne takes leadership role on comprehensive credit reporting
SocietyOne, Australia’s pioneering and leading consumer finance marketplace lender, announced that it will provide positive consumer credit information to credit bureaus as part of the move to establish a fully-fledged comprehensive credit reporting (CCR) regime in Australia. SocietyOne will start sending secure data on its customers’ positive credit history in “public” mode from November 2017. With the Federal Government planning to toughen up the country’s existing CCR legislation in 2018, SocietyOne has thrown down the challenge to the major banks to quickly get on board with CCR and help all Australians get a better deal from their credit providers. Among the big four banks, National Australia Bank recently announced that […]
SocietyOne sets new record with triple milestones in 2017
SocietyOne, Australia’s pioneering and leading consumer marketplace lender, has set new records for lending with growth in 2017 already surpassing the level of volumes for the whole of 2016. Total lending since the company started operating five years ago has now topped $350 million as the current loan book also reached $200 million for the first time in SocietyOne’s history. These were new records for a consumer finance marketplace lender in Australia with SocietyOne having originated more than twice the loans than that of the company’s nearest competitor. SocietyOne has now enjoyed seven successive quarters of strong growth as it scales up. New lending to borrowers in […]
SocietyOne breaks through $300 million of lending
SocietyOne, Australia’s pioneering and leading marketplace lender, has broken through $300 million of total originations since it started operating five years ago with 2017 on track to set further lending records. SocietyOne advanced over $100 million of new lending during the first half of 2017, underlining its position as the clear leader in the Australian consumer marketplace lending sector. Combined lending of $45 million in the first quarter of 2017 and $57 million in the second quarter resulted in year-on-year growth of almost 70% for the six months ending 30 June 2017. That compares to $61 million of new lending advanced in the first half of 2016. SocietyOne’s loan book […]
SocietyOne welcomes proposed changes to an open banking and data regime
SocietyOne, Australia’s pioneering and leading lending marketplace, has welcomed the Turnbull Government’s commitment to introduce an open banking regime which could transform customers’ control over their own data and stimulate competition in the country’s financial services sector. Coming after the release of the Productivity Commission’s report into data availability and use of public and private sector data, Jason Yetton, SocietyOne’s Managing Director and CEO, said the initiatives, announced in last night’s Federal Budget, would put consumers in a better position to negotiate more advantageous deals with their credit provider. The changes – likely to result from an independent commission which is due to report by the end of […]
SocietyOne hits new lending records
SocietyOne sets new lending record as growth continues to accelerate in 2017 $250 million in total lending originations since inception March 2017 sets new monthly record for new lending of $20 million Second best quarter on record for personal loans and agri-lending Loan book goes through $150 million – 165% increase year-on-year Significant increase in investor funding following appointment of CIO John Cummins SocietyOne, Australia’s leading and fastest-growing marketplace lender, has set a further new record for marketplace lending after passing through the $250 million lending mark following another strong quarter of growth. Strong demand from borrowers for personal loans in the post-Christmas and New Year period, and growing interest […]
SocietyOne appoints John Cummins as Chief Investment Officer
SocietyOne, Australia’s pioneering and leading lending marketplace, has appointed John Cummins to the new role of Chief Investment Officer, a position which reflects the critical importance of its investor funders to the company’s future growth. John will have responsibility for all of SocietyOne’s funding requirements to support demand from an expanding number of borrower customers. This will include building on SocietyOne’s existing network of investor funders who include large financial institutions, mutual banks, credit unions, high net worth individuals and SMSFs. John will also play a key role in helping the company to achieve its five-year goals of expanding and deepening its funding base to support growth in borrower customers […]
