SocietyOne

SocietyOne
Industry Peer-to-peer lending
Founded 6 August 2011
Founders Matt Symons, Greg Symons, Andy Taylor
Headquarters Sydney, Australia
Key people
  • Jonathan Chan, COO
  • Mark Jones, CFO
  • Simon Farrell, CTO
Products unsecured personal loans, secured livestock loans
Number of employees
 89 (2018)[1]
Website www.societyone.com.au

SocietyOne is Australia's first peer-to-peer lender.[2] In the third quarter of 2017, it was reported a total of over $350 million dollars had been borrowed since 2012.[3] As of June 30 2018, that number has reached $465 million, and the lending book has reached $184 million.[4] However, despite its growth, Society One is expected to need a $500 million lending book to start breaking even.[5]

The entirely online peer to peer lending process connects investors and borrowers without the oversight of a financial institution, saving money for the investors and borrowers, though the anonymity makes the risk factor far greater. To combat this, rates are determined by credit history. Borrowers with good credit history can borrow up to $30,000.[6]

History

Based on successful UK peer-to-peer lending businesses Zopa and Ratesetter, SocietyOne is Australia's first peer-to-peer lender, founded in August 2011 by Matt Symons, Greg Symons (not related) and Andy Taylor.[7] In March 2016, Former senior Westpac banker Jason Yetton was hired as CEO, and the company saw significant growth during his tenure. He stated a goal in 2016 to control 2-3% of Australia's $100 billion personal credit market by 2020-21.[8] However, he stepped down in July 2018, making Mark Jones acting CEO.[4]

References

  1. ↑ SocietyOne (2018-08-09). "It's Our People That Make Us Who We Are: SocietyOne". SocietyOne. Retrieved 2018-08-16.
  2. ↑ "SocietyOne Personal Loans". RateCity.com.au. Retrieved 2018-08-16.
  3. ↑ "SocietyOne tops $350m in loans". FinTech Futures. Retrieved 2018-08-16.
  4. 1 2 "SocietyOne Change Up: Jason Yetton Steps Down As CEO & Managing Director; Mark Jones is Named Interim CEO | Crowdfund Insider". Crowdfund Insider. 2018-07-09. Retrieved 2018-08-16.
  5. ↑ "Why SocietyOne needs more than its billionaire backers". Financial Review. 2017-11-24. Retrieved 2018-08-16.
  6. ↑ "SocietyOne | Crunchbase". Crunchbase. Retrieved 2018-08-16.
  7. ↑ https://www.afr.com/business/banking-and-finance/financial-services/rupert-murdoch-james-packer-invest-in-societyone-peertopeer-startup-20141203-11zmjd
  8. ↑ Yeates, Clancy (2016-08-16). "SocietyOne chief Jason Yetton says lending jumps tenfold". The Sydney Morning Herald. Retrieved 2018-08-16.


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