Australia-based marketplace lender SocietyOne announced on Tuesday it has reached $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 2019. The news comes less than a month after the online lending platform celebrated its sixth birthday.
As previously reported, SocietyOne was founded in 2012 and the lender’s key mission to provide a better deal for borrowers and lenders. SocietyOne reported 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. Speaking about the latest milestone, Mark Jones, the new CEO of SocietyOne, stated:
“We’re delighted to have reached this significant milestone as we deliver an even better deal for our borrowers and investors funders. We’ve been growing steadily over the past 12 months while we continued to transform our business and build new capabilities for our customers. As a result, we’re now seeing real momentum in the business that we expect to continue, and which should see us achieve breakeven by March 2019 and reach $1 billion in loan originations by the end of 2019.”
SocietyOne also revealed that it had a record August month for personal lending with $14 million in originations, up 46% on August 2017, and well above the monthly average for the past 12 months. September is reportedly now also shaping up to be another record month, with volumes expected to further increase into the fourth quarter of the calendar year. Speaking about the future, Jones added:
“Looking ahead, the impending introduction of comprehensive credit reporting and open banking, ASIC’s proposed regulatory changes to credit cards, a robust economic backdrop, and a push for a better deal following the royal commission into banking all bode well for a highly prosperous 2019.”