MoneyMe has announced that it is to acquire personal lender SocietyOne, bringing together two of the biggest names in the personal loan space.
The deal is thought to value SocietyOne at $132m, and will allow the two groups to combine resources and distribution.
SocietyOne had been aiming at an IPO, but this deal now sees them fall in with MoneyMe, whoare already listed on the ASX.
They announced the deal to the market this morning with a statement that spoke to the huge growth that both sides of the buyout have undergone in the last year, and the potential for greater innovation going into 2022.
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“The SocietyOne acquisition combines two of the most widely recognised consumer credit disruptors to deliver immediate scale advantages and incremental revenue opportunities,” said Clayton Howes, CEO of MoneyMe. “The strategic value is immense for both businesses, and we are incredibly excited.”
“The opportunity to accelerate growth and cost efficiencies are quickly realised by combining the strengths of both brands and migrating SocietyOne operations onto MoneyMe’s high-tech Horizon Technology Platform.
“The SocietyOne brand will continue to thrive and will benefit from access to MoneyMe’s diversified product set and ability to deliver leading customer experiences.
“There are many new innovations we will expand on, including the SocietyOne credit score product which will be brought to the MoneyMe customer base and the Banking-as-a-Service partnership with Westpac that we will continue to explore.”