Australia-based marketplace lender SocietyOne announced on Monday it has established a warehouse facility arranged by NAB, alongside securing $15 million through its recent equity raise, to support growth.
According to SocietyOne, the warehouse facility is also scalable to support the lender’s continued growth, as borrowers seek a better experience and lower interest rates. The platform will also improve funding diversity, adding to the existing funding from high net worth individuals, community banks, super funds, insurance companies, and credit funds.
CEO of SocietyOne, Mark Jones, stated that the warehouse signals an “important strategic move” by the lending platform, which is enhancing its existing model to provide its consumer customers with a “better deal” on their finances. Jones further explained:
“The peer-to-peer industry has itself undergone significant transformation over the past 7 years since we came on the scene as Australia’s first ever peer-to-peer consumer lender in 2012.However, the one thing that has remained consistent for SocietyOne – even as funding sources, products, and distribution channels have evolved – is our commitment to providing simpler, faster, and more affordable loans and investment options for our customers, who overwhelmingly report back on enjoying a great experience.”
Jones then added:
“As a result of this unwavering commitment to act and grow in line with the best interests of our customers, we have now reached a size and scale at which diversity of funding is crucial to meet the growing demand for our loans every month – especially given in 2019, originations were more than 50% higher than the previous year and we have recently surpassed $800 million in originations, with a raft of record months in 2019. The facility shores up SocietyOne’s ability to grow in 2020, and continue to provide a great experience and better value for our customers now, and for many years to follow.”
SocietyOne claims to be Australia’s leading and largest marketplace lender. Its mission is to provide a better deal for borrowers and lenders. The lender is backed by News Corp Australia, Seven West Media, Consolidated Press Holdings, Reinventure (whose largest investor is Westpac) and a number of credit unions and mutual banks.