James Packer and Lachlan Murdoch are considering an investment in peer-to-peer lender SocietyOne, according to a report in the Australian Financial Review.
SocietyOne is a start-up that matches lenders with borrowers, often providing both parities with more competitive rates than the big banks.
They have not signed off on the deal, according to the report, but are expected to participate in a funding round that could be finalised by the end of the year.
An investment amount is not specified by the report, which only describes the potential sum contributed by the News Corp co-chairman and gaming mogul as “in the millions of dollars”.
UBS Australia boss Matthew Grounds organised a previous investment Westpac made in SocietyOne, and it is believed he also brought the opportunity to the attention of Packer and Murdoch.
There is more here.
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