Fintech celebrates $200 million loan milestone

by Miklos Bolza16 Dec 2016
Marketplace lender SocietyOne has hit new heights with total lending reaching $200 million. The final three months of 2016 have seen the company experiencing its strongest growth since it started lending in August 2012.
An additional $50 million of lending was made from early September to mid-December while November broke new records reaching over $15.3 million worth of lending.
These achievements have grown the company’s loan book by 315% to just over $200 million. Around two thirds of this – or $126 million – was tallied in 2016 alone.
“2016 has been a milestone year for several reasons, not least for the fact of us reaching a total of $200 million in lending which makes us the clear leader in marketplace lending for consumer finance in Australia,” said Jason Yetton, managing director and CEO of SocietyOne.
“Having started the year with $70 million of originated loans since we commenced in August 2012, we have virtually tripled that amount in the last 12 months with an additional $126 million of lending to our personal loans and agri-lending customers.”
This was a testament to the vision of the company co-founders, Greg Symons and Matt Symons, Yetton said, as well as the hard work of everyone at SocietyOne.
He continued, saying that in 2017 SocietyOne hoped to mount a real challenge against the big four banks in the personal loan and consumer finance markets.
“This is part of our goals to achieve a two to three per cent share of the consumer finance market by 2021 and helping over 100,000 Australians to get a better deal.”
Since establishment, the total number of investor funders at SocietyOne has grown to 280. In the six months prior to December, this meant funding from investors to borrower customers averaged $22 million per month.
The number of borrower customer accounts also grew by 1,800 since August and now sits at a healthy 7,800. Finally, default rates for the lender’s personal loan portfolio sat at 1.1% at the end of November – down from the sector average of two to three per cent.
Related stories:
Mutual lender takes equity stake in fintech platform
Fintech lender aims to break $200m barrier
Fintech lender completes major capital raising