Australian P2P lender SocietyOne’s new CEO Jason Yetton disclosed some growth figures this week. The company told the Sydney Morning Herald that it has arranged $38 million ($50 million AUD) in personal loans on its platform so far this year.
This number is almost double the nearly $20 million the company facilitated in the latter half of 2015 and 10x the $3.8 million from the same period in 2015. As a result of this growth rate, the company’s portfolio of outstanding personal loans totals $76 million, which represents 0.5% of Australia’s $15 billion personal loans market.
In his interview with the Herald, Yetton said, “We readily admit that our current lending volume is still a small sum in the context of a $20 billion ($15 billion USD) personal loan market which itself is one fifth of the overall consumer finance market in Australia.” He added, “My point, though, is that we now have a solid base from which we can grow and meet our ambitious target of taking a 2% to 3% share of that $100 billion market by 2020 to 2021.”
SocietyOne’s returns average 10% for institutional and sophisticated investors. Since the company was founded in 2011, SocietyOne has lent an average of $15,000 to its borrower base of 5,000. Yetton, who took the reins as new CEO in March, plans to distribute loans to a “much wider range of borrowers.”
At FinovateAsia 2012, SocietyOne launched ClearMatch, a feature that allows investors to bid together at different interest rates and amounts against a single loan. Finovate returns to Asia this year in Hong Kong on November 8. The application deadline is fast approaching, so act soon to secure your spot on the FinovateAsia stage.
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