SocietyOne hits A$300 million loans written

By David Tuckwell on Monday 10 July 2017

Alternative Lending

A major milestone for the Australian P2P lender

SocietyOne Australia has hit A$300 million in loans written, a new milestone for the five-year-old company.

Fintech lender SocietyOne has hit a new corporate milestone, having written a total of A$300 million worth of loans since opening shop five years ago.

Hitting the $300 million mark owes to explosive growth in the first half of 2017, with lending up 67 percent on the corresponding period last year.

“Growing interest from borrowers and investor funders over the past 12 months is proof that [we are] offering a better deal than the major banks,” said Jason Yetton, CEO of SocietyOne.

“Over the past 12 months we have had more than 140,000 Australians enquire about a loan … [showing] that consumers are responding in large numbers to the idea they can leverage their good credit history to get a better deal.”

In its press release, the company said that growing supply side demand had come largely from institutional investors – but also from high net worth individuals.

It also said that its own internal polling had shown that a high percentage of SocietyOne users supported an open banking standard, where banks are required by law to share their customers’ data with other companies. 

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