Australia-based online lender SocietyOne announced on Tuesday it has secured $350 million in total originations. This news comes less than two months after the lending platform celebrated its fifth birthday. According to SocietyOne, the company topping $350 million as the current loan book also reached $200 million for the first time in the lender’s history. It was revealed:
“These were new records for a consumer finance marketplace lender in Australia with SocietyOne having originated more than twice the loans than that of the company’s nearest competitor. SocietyOne has now enjoyed seven successive quarters of strong growth as it scales up. New lending to borrowers in 2017 has so far totaled $141 million, topping the $139 million which was advanced over the course of 2016.”
While sharing more details about the lending milestone, Jason Yetton, CEO and Managing Director of SocietyOne, stated:
“We have continued to build on the strong momentum achieved in 2016 and have seen sustained year-on-year growth with comparable lending volumes now above the levels achieved for the whole of last year. Our growth in 2017 underlines the demand from consumers for a real alternative to the major banks. Consumers are looking for a better deal on their finances and our risk-based pricing is attractive for customers that have demonstrated that they have a good credit history.”
Yetton then noted:
“Customers have responded positively to a number of improvements we have delivered over the past year. These have included a strong focus on better service outcomes and speed of loan approvals, increasing the maximum loan amount on personal loans to $50,000 and continued success with our advertising and marketing activities, including the “Make It Happen” campaign that launched in June. Our customers are also loving the differentiated service experience that we offer. We have had more than 600 customer reviews on ProductReview.com.au with an average rating of 4.7 out of 5. We alsotrack Net Promoter Scores on our lending and this now stands at +63.”
SocietyOne also explained that of the $350 million of lending to date, $270 million has been advanced to consumer borrowers as personal loans and $80 million to farmers through their agents on SocietyOne’s secured livestock lending product. Yetton reported the company was looking forward to another strong quarter ahead and welcomed moves by the Federal Government to encourage more competition in the banking sector by legislating for comprehensive credit reporting and open banking.
“With a more dynamic approach to both comprehensive credit reporting and open banking on the horizon, Australians are becoming increasingly aware of the better choices now available. As the undisputed leader in marketplace lending for personal loans, our customers are clearly telling us there are more attractive ways to sort out their finances, whether it is consolidating credit card debt, renovating their homes, buying a car, going on holiday or paying for a wedding.”
Yetton added:
“I’m also pleased at the way we are getting behind Australian livestock farmers as the growth in SocietyOne AgriLending has shown. The team is standing ready to help them even more so as rural and regional Australia waits for the rains that will kick start the Spring growth and rearing season.”