Australian peer-to-peer lender, SocietyOne has nabbed the former vice president of a world-leading marketplace lender headquartered in the USA, in a move which it says shows the strength of Australia’s growing P2P channel.
SocietyOne announced that Mitchel Harad has joined the company as chief marketing officer (CMO). Harad was formerly the vice president of marketing of Lending Club.
Leading Lending Club’s borrower marketing efforts over the past four years, Harad was responsible for growing the marketplace lender’s quarterly loan volume more than 30-fold – from US$50 million when he joined the company to US$1.6 billion (AUD$2.2 billion).
“Mitch has an amazing track record and was a major contributor to Lending Club’s growth,” said Matt Symons, CEO and co-founder of SocietyOne.
“We could not be more excited to have recruited Mitch from the world’s most successful marketplace lender as SocietyOne continues to thrive and accelerate its own growth.”
According to the CEO of Sydney fin-tech hub Stone & Chalk, Harad’s move to Australia to join the SocietyOne team highlights the strength of Sydney’s burgeoning fin-tech industry.
“When entrepreneurs like Mitch Harad move from San Francisco – the heart of the global financial technology movement – to Sydney, it’s a testament to the increasing popularity of Australia as an attractive destination for world-class talent,” he said.
In February, SocietyOne closed a $25 million capital raising round with a consortium of top-tier Australian investors, represented by Consolidated Press Holdings, News Corp Australia and Australian Capital Equity.
According to the P2P lender, the investment marked a milestone for SocietyOne and its ability to scale the business so more credit-worthy Australians can get a better rate on their personal loan.