Aussie fintech lender SocietyOne breaks its own record

By David Tuckwell on Tuesday 10 October 2017

Alternative Lending

The fintech lender has made more loans in 2017 than it did in 2016

SocietyOne breaks its own lending record. 

Australian fintech lender SocietyOne has hit a new lending record, having written more loans by October in 2017 than it did in all of 2016.

Total lending has now topped A$350 million, the largest of any Australian online lender.

“Customers have responded positively to a number of improvements…[including] speed of loan approvals, increasing the maximum loan amount on personal loans to $50,000 and continued success with our advertising and marketing activities,” said Jason Yetton, CEO of SocietyOne.

Of the $350 million lent to date, $270 million has been made to consumer borrowers as personal loans and $80 million to farmers through SocietyOne’s livestock lending product.

The first three-quarters of 2017 have also seen a record amount of funding made available by investor funders, with new mandates secured from institutions and rich Australians.

The total number of funders since inception has risen to 320 and committed available funding as at 30 September 2017 stood at $61 million.

As well as support from Australian media tycoons, such as the Murdoch family, Kerry Stokes and James Packer, SocietyOne enjoys support from a number of mutual banks and credit unions.

Mutual institutions have to date provided $100 million of funding out of the $350 million advanced to borrowers.

Like other Australian fintech companies, SocietyOne has encouraged the Australian government to legislate for an “open banking” standard and comprehensive credit reporting.

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