“Our mission is to provide a better deal for borrowers and lenders… one brilliant funding moment at a time.”
SocietyOne is radically changing the landscape of financial services in Australia. Since our foundation almost five years ago, we have gone from a standing start to providing more than $300 million in loans to customers
As well as being the pioneer of marketplace (or ‘peer-to-peer’) lending in Australia we are also the largest provider of personal loans in the marketplace sector.
Over that time, we have evolved from a small online start-up to a scaled up, new generation digital financial services company that is loosening the stranglehold the traditional banks have on the consumer finance market, estimated by APRA to be $100 billion in size (excluding housing).
While our total lending is currently small by comparison to the banks, we are growing - and rapidly. Our target is to take a 2-3% share of this market over the next five years and grow our customer numbers to 100,000.
That’s ambitious and it’s bold. But after witnessing successive six-month periods of growth over the last two years to take us to $300 million in loans and matching finance – including a 345 per cent increase in our total originations over the last 18 months - we believe that it is more than achievable.
We are doing that by offering a completely new and different approach to lending which uses risk-based pricing to match the needs of borrowers to the investment requirements of our investors who finance loans.
This is the lending revolution that connects borrowers and lenders in a marketplace and is all made possible by our world-class Clearmatch technology platform.
Clearmatch changes the laborious, time-consuming, bureaucratic and stressful loan application process which just as often leads to a “no” for the customers of a traditional bank as it does to a “yes”.
First, we run a “soft” online credit check for our customers that doesn’t affect their credit rating, so we can see if they’re likely to qualify for a loan before they apply. We then walk them through a simple online application process. If the application is successful, customers are offered a fixed rate loan, tailored to their individual credit worthiness, with the money usually deposited in their accounts within 48 hours.
Compare that to the complicated and drawn-out approach of the traditional banks and it’s easy to see why customers prefer to do business with us as demonstrated by our Net Promoter Score of 62 and a customer product-rated review rating of 4.6 out of 5 on productreview.com.au.
Our investor lenders like us too, with investment returns of around 9% since January 2013 and current default rates (payment defaults and impaired loans) of 1.8% across the whole loan portfolio.
It all adds up to a superior customer experience created by Australia’s pioneering and leading player in marketplace lending. A passionate group of people working as one team to provide our customers with an opportunity to change their worlds and achieve their financial dreams – and ours too.
Founded in 2011 by Greg Symons and Matt Symons (same names but no relation!), we have grown from the smallest of beginnings and just a handful of people to the confident, innovative and trusted company we are today. This is how it happened.
6th - We open for business as Australia's first marketplace lender offering personal loans between $5k and $35k
22nd - We provide our first loan - to Doug of Melbourne. Thanks Doug!
SocietyOne voted "Best of Show" at Finovate Asia 2012 for the way our ClearMatch technology streamlines the loan application process
Number of funded loans doubles as we pass the $1 million figure
And the loan "book" doubles again to $2 million
We launch our pioneering secured livestock loans in partnership with Ray White Rural
Westpac Group's Reinventure Fund invests $5 million in SocietyOne as part of our Series A capital raising and becomes a major shareholder
Number of borrower customers grows to 200 as lending reaches $4 million
Funded loans pass the $10 million mark
We welcome Australian Capital Equity, Consolidated Press Holdings and News Corp Australia as shareholders after our successful Series B $20 million capital raising
The new year gets off to a great start as we pass $20 million in funded loans
We partner with Australia's largest credit bureau, Veda, to promote getcreditscore.com.au and offer more credit scores for free
We pass $50 million in total funded loans
The Fintech 100 report compiled by KPMG and H2 Ventures names us as the 37th top financial technology company in the world
Jason Yetton is appointed CEO, taking over founder Matt Symons who becomes Chief Innovation Officer
We break through the $100 million barrier of loans funded, a record for an Australian marketplace lender
We raise a further $25 million in capital from existing and new shareholders, making a total of $55 million since early 2014
We chalk up another lending record, this time $150 million in funded loans