SocietyOne is an Australian peer-to-peer lending company, often referred to as the first peer-to-peer lender to have entered the Australian market.

History

Based on UK

peer-to-peer lending Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. Peer-to-peer lending companies often offer their services online, and ...

businesses such as

Zopa Zopa is a British financial services company which offers deposit accounts and credit cards. It began as the world's first peer-to-peer lending company in 2005 and gained a full banking licence in 2020. The peer-to-peer side of its business cl ...

and Ratesetter, SocietyOne was founded in August 2011 by Andy Taylor, Matt Symons, and Greg Symons (unrelated). In March 2016, Former senior Westpac banker Jason Yetton was hired as

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

. Jason set a public goal in 2016 to control 2-3% of Australia's $100 billion personal credit market by 2020-21. He stepped down in July 2018, making Mark Jones CEO.

Finance

In the third quarter of 2017, it was reported that a total of over $350 million had been borrowed on Society One’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. Despite its growth, Society One is expected to need a $500 million lending book to start breaking even.

References

External links

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Money Saving Expert MoneySavingExpert.com is a British consumer finance information and discussion website, founded by financial journalist Martin Lewis in February 2003. The website's focus is to provide people with information on saving money in the form of dea ...

Peer-to-peer lending
Companies based in Sydney Peer-to-peer lending companies Australian companies established in 2012 {{Australia-company-stub