Beyond Bank takes a stake in SocietyOne
Beyond Bank Australia has joined the SocietyOne share register, investing A$1.5 million for a sub-five per cent stake in the marketplace lender.Beyond Bank, which has 200,000 members and $4.7 billion of assets, is the fourth mutual to invest in SocietyOne. The others are G&C Mutual Bank, Regional Australia Bank and Maritime, Mining and Power Credit Union.Beyond Bank is also committing $10 million of funding to the SocietyOne platform, topping up the $1.5 million of funding it provided in October 2014.SocietyOne said in a statement that it has 200 investor/funders, including ten mutual banks and credit unions. It said investor/funders have received returns in excess of ten per cent a year since the beginning of 2013.The company has facilitated $100 million of personal loan originations since it started. Total originations, including agribusiness finance, have passed $150 million.