SocietyOne

SocietyOne is Australia's first peer-to-peer lending company.[2]

SocietyOne
IndustryPeer-to-peer lending
Founded6 August 2011
FoundersMatt Symons, Greg Symons
HeadquartersSydney, Australia
Key people
  • Mark Jones, CEO
Productsunsecured personal loans, secured livestock loans
Number of employees
89 (2018)[1]
Websitewww.societyone.com.au

History

Based on successful UK peer-to-peer lending businesses Zopa and Ratesetter, SocietyOne was founded in August 2011 by Matt Symons and Greg Symons (not related).[3][4] In March 2016, Former senior Westpac banker Jason Yetton was hired as CEO, and the company saw 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.[5] However, he stepped down in July 2018, making Mark Jones CEO.[6]

Finance

In the third quarter of 2017, it was reported a total of over $350 million had been borrowed on the company's platform since 2012.[7] As of June 30, 2018, that number reached $465 million, and the total valuation of the lending book reached $218 million. [6] However, despite its growth, Society One is expected to need a $500 million lending book to start breaking even.[8]

Platform

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, although 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 $50,000.[9][10]

References
  1. SocietyOne (9 August 2018). "It's Our People That Make Us Who We Are: SocietyOne". SocietyOne. Retrieved 16 August 2018.
  2. "SocietyOne Personal Loans". RateCity.com.au. Retrieved 16 August 2018.
  3. "Rupert Murdoch, James Packer invest in SocietyOne peer-to-peer start-up". Australian Financial Review. 3 December 2014. Retrieved 1 March 2019.
  4. "SocietyOne". Crunchbase. Retrieved 1 March 2019.
  5. Yeates, Clancy (16 August 2016). "SocietyOne chief Jason Yetton says lending jumps tenfold". The Sydney Morning Herald. Retrieved 16 August 2018.
  6. "SocietyOne Change Up: Jason Yetton Steps Down As CEO & Managing Director; Mark Jones is Named Interim CEO | Crowdfund Insider". Crowdfund Insider. 9 July 2018. Retrieved 16 August 2018.
  7. "SocietyOne tops $350m in loans". FinTech Futures. Retrieved 16 August 2018.
  8. "Why SocietyOne needs more than its billionaire backers". Financial Review. 24 November 2017. Retrieved 16 August 2018.
  9. "SocietyOne | Crunchbase". Crunchbase. Retrieved 16 August 2018.
  10. "How P2p lending works?". Sunday, February 23, 2020


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.