Peer-to-peer lender SocietyOne has hit $500 million in loans

Cameron Spencer/Getty Images
  • Fintech SocietyOne has become the first Australian peer-to-peer lender to hit $500 million in total lending.
  • Record August at $14.2 million, up 46% on the same month last year.
  • And September is shaping up for another record.

Fintech SocietyOne today became Australia’s first peer-to-peer lender lender to reach $500 million in personal loans, agri lending and marketplace business.

The company, which made its first loan in August 2012, has now set its sights on reaching $1 billion by the end of calendar year 2019.

“We’re delighted to have reached this significant milestone as we deliver an even better deal for our borrowers and investor funders,” says CEO Mark Jones, a former Westpac and Citibank executive.

“We’ve been growing steadily over the past 12 months while we continued to transform our business and build new capabilities for our customers,” he says.

“As a result, we’re now seeing real momentum in the business that we expect to continue, and which should see us achieve break even by the end of March 2019 and reach $1 billion in loan originations by the end of 2019.”

August was a record month for personal lending at $14 million, up 46% on the same month in 2017. September is also shaping up to be another record month.

“The seasonal increase in consumer credit heading into the festive season will combine with the rollout and expansion of a number of new initiatives, including continued expansion of our broker distribution offering, the launch of our new brand campaign, and the release of the first phase of our new technology platform,” says Jones.

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.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.