SocietyOne


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

History

Based on successful UK peer-to-peer lending businesses Zopa and Ratesetter, SocietyOne was founded in August 2011 by Andy Taylor, Matt Symons and Greg Symons. 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. However, he stepped down in July 2018, making Mark Jones CEO.

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. As of June 30, 2018, that number reached $465 million, and the total valuation of the lending book reached $218 million. However, despite its growth, Society One is expected to need a $500 million lending book to start breaking even.

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.