SocietyOne

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.[2]

SocietyOne
IndustryPeer-to-peer lending
Founded6 August 2011
FoundersAndy Taylor, Matt Symons, Greg Symons
HeadquartersSydney, Australia
Key people
  • Mark Jones, CEO
Productsunsecured personal loans, secured livestock loans
Number of employees
89 (2018)[1]
Websitewww.societyone.com.au

History

Based on UK peer-to-peer lending businesses such as Zopa and Ratesetter, SocietyOne was founded in August 2011 by Andy Taylor, Matt Symons, and Greg Symons (unrelated).[3] In March 2016, Former senior Westpac banker Jason Yetton was hired as CEO. Jason set a public goal in 2016 to control 2-3% of Australia's $100 billion personal credit market by 2020-21.[4] He stepped down in July 2018, making Mark Jones CEO.[5]

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.[6] As of June 30, 2018, that number reached $465 million, and the total valuation of the lending book reached $218 million. [5] Despite its growth, Society One is expected to need a $500 million lending book to start breaking even.[7]

References
  1. SocietyOne (9 August 2018). "It's Our People That Make Us Who We Are: SocietyOne". SocietyOne. Retrieved 16 August 2018.
  2. "SocietyOne Personal Loans". RateCity.com.au. Retrieved 16 August 2018.
  3. "Rupert Murdoch, James Packer invest in SocietyOne peer-to-peer start-up". Australian Financial Review. 3 December 2014. Retrieved 1 March 2019.
  4. Yeates, Clancy (16 August 2016). "SocietyOne chief Jason Yetton says lending jumps tenfold". The Sydney Morning Herald. Retrieved 16 August 2018.
  5. "SocietyOne Change Up: Jason Yetton Steps Down As CEO & Managing Director; Mark Jones is Named Interim CEO | Crowdfund Insider". Crowdfund Insider. 9 July 2018. Retrieved 16 August 2018.
  6. "SocietyOne tops $350m in loans". FinTech Futures. Retrieved 16 August 2018.
  7. "Why SocietyOne needs more than its billionaire backers". Financial Review. 24 November 2017. Retrieved 16 August 2018.


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