Australia-based marketplace lender SocietyOne announced it celebrated its sixth anniversary of operations as total lending since inception approaches $500 million.
Founded in 2012, SocietyOne reported its key mission to provide a better deal for borrowers and lenders. The lending platform claims it has been at the forefront of fintech disruption of the financial services industry in Australia since its launch and is regained as a “pioneer and leading” marketplace lender. It has also received various industry rewards, including Top 100 Most Innovative Companies for 2018, Australian Financial Review, Lending Innovator of the Year in the Fintech Business Awards 2018, and Best Marketing/Branding Initiative of the Year in the Fintech Australia Awards 2018.
SocietyOne also reported it has more than 20,000 customers and since the beginning of 2016, total lending has grown nearly 6 times and the lender’s loan book now totals over $220 million, up from $41 million at the start of 2016. Highlights from this past year are the following:
- Successful completion of the strategic investor capital raise this past January
- Strengthened of the leadership team ranks with the appointment of Simon Farrell as Chief Technology Officer and Ross Horsburgh as Chief Credit Officer
- Expansion of distribution reach with the development of a new personal loan offering available through mortgage brokers
- Implementation of systems and credit processes to ensure readiness for Comprehensive Credit Reporting
- Recognition for excellence and innovation through numerous industry awards
Speaking about the company’s growth over the past couple of years, interim CEO of SocietyOne, Mark Jones, stated:
“We have seen continued growth in lending with more than $150 million originated since our fifth birthday. 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.”
Jones then added:
“The next 6 months will be another exciting period of growth and innovation” said Mr Jones. While there is a lot of work to do, the momentum in the business is really pleasing. By the end of 2018, we will be well positioned for the next phase of growth. We remain on track to achieve operating breakeven by March 2019.”
Jones was recently named Interim CEO after Jason Yetton stepped down as CEO/Managing Director. Jones was Chief Financial Officer and Commercial Director of SocietyOne. During Yetton’s time as CEO, SocietyOne underwent significant transformation and growth. It was revealed:
“Total lending originations since inception have grown to $465 million as at 30 June 2018, from $70 million as at the start of 2016, and SocietyOne has now helped over 20,000 borrower customers to get a better deal on their lending. SocietyOne’s total loan book was $218 million, up from $41 million at the start of 2016. Over the past two and a half years, SocietyOne has built strong brand awareness and attracted significant borrower and investor funder interest in its lending marketplace. This has seen the company successfully scale-up its business, achieving record new lending of $184 million for the 2017 financial year, while also laying important foundations for its next phase of growth. In January 2018, the company successfully raised $7.75 million in shareholders’ equity via a Strategic Investor Capital Raise.”