Marketplace lender SocietyOne has sailed through the $250m lending mark following strong growth last quarter.
This milestone comes less than four months after the lender hit $200m last December
. Strong demand for personal loans in the post-Christmas and New Year period were a driving force behind this accelerated growth.
Added interest in SocetyOne’s secured agri-lending product also saw a further $45m provided to customers in the March quarter.
Of the $250m lent out since SocietyOne’s inception, $178m in personal loans and agri-lending products was supplied during the first quarter this year
March also saw the company break new records with $20m advanced to borrowers in that month alone.
Customer numbers also continue to trend upwards, rising by 7,200 to just over 11,000 in the year prior to the end of March.
SocietyOne had $74.6m in committed funding as of 31 March with the number of investor funders growing by 90 to 309 over the past 12 months.
“Having set new records in 2016 for helping customers by providing new lending and funding of $136m, almost double the amount we had achieved in the previous three years, we have seen that strong momentum continue into the first part of 2017,” said Jason Yetton, CEO and managing director of SocietyOne.
“The first quarter was also our second best on record, coming within $1.5m of lending in the previous record set in the fourth quarter of 2016. That’s particularly impressive given that, historically, the peak lending quarter for the personal loans market occurs between October and December.”
With thousands of Australians approaching SocietyOne each month, Yetton said the lender was on track to reach its goal of securing a 2-3% share of the $100bn consumer finance market by 2021.
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