A peer-to-peer (P2P) lender says it has become the first in Australia to reach $500million in loan originations across its personal loan, agri lending and marketplace business.
SocietyOne now has its sights set on reaching $1billion by the end of calendar year 2019.
The lender’s milestone follows a “record” August, as well as the recent appointment of former Westpac and Citibank executive, Mark Jones as CEO.
Jones said the team was “delighted” to have reached this figure.
He added, “We’ve been growing steadily over the past 12 months while we continued to transform our business and build new capabilities for our customers.
“As a result, we’re now seeing real momentum in the business that we expect to continue, and which should see us achieve breakeven by the end of March 2019 and reach $1b in loan originations by the end of 2019.”
In August SocietyOne saw $14m in originations for personal lending, up 46% on August 2017, and well above the monthly average for the past 12 months.
Volumes are expected to increase further into the fourth quarter of the calendar year.
Jones added, “The seasonal increase in consumer credit heading into the festive season will combine with the rollout and expansion of a number of new initiatives, including continued expansion of our broker distribution offering, the launch of our new brand campaign, and the release of the first phase of our new technology platform.
“Looking ahead, the impending introduction of comprehensive credit reporting and open banking, ASIC’s proposed regulatory changes to credit cards, a robust economic backdrop, and a push for a better deal following the royal commission into banking all bode well for a highly prosperous 2019.”
