Peer-to-peer lender SocietyOne is about to hit $500 million in lending

James Morgan/Destination New South Wales via Getty Images

Australian peer-to-peer lender SocietyOne celebrated its sixth anniversary with cumulative lending nearing $500 million.

The fintech, which made its first loan in August 2012, has now written more than 20,000 thanks to more than $480 million provided by its investors.

SocietyOne, whose personal loan book now totals $220 million, up from $41 million at the start of 2016, expects to hit $500 million in total lending in September.

“The last 12 months have represented another year of growth, transformation and progress,” says newly appointed CEO Mark Jones.

“Lending growth, combined with an improvement in margins and disciplined cost management, has translated to a strong improvement in SocietyOne’s financial performance. At the same time, we have continued to transform and simplify our business to focus on our core marketplace lending activities.

“SocietyOne has been at the forefront of ‘fintech’ disruption of the financial services industry in Australia for six years. We have a real commitment to customer-first innovation and everything we do is guided by our values of being Transparent; Imaginative; Empowering; One Team; and Connected.”

“With more than $60 million in committed investor funding at present, and continued interest from a number of institutions, we are in a strong position to further grow lending over the remainder of the year.”

Jones says SocietyOne is on track to be operating at break even by March 2019.

A long list of high profile players have invested in SocietyOne including G&C Mutual Bank, the Maritime, Mining and Power Credit Union, Australian Capital Equity, Consolidated Press Holdings, News Corporation Australia, Seven West Media and Westpac Banking Corporation’s Reinventure Group.

SocietyOne won Best Marketing/Branding Initiative of the Year at the 2018 Finnies, the fintech industry awards.

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