SocietyOne a match for mutual ADIs
If SocietyOne were a credit union or mutual bank, its receivables would place it within the top 60 of this cohort of ADIs. Many of those same credit unions are eager supporters of the marketplace lender, some reliant on the financier to enable them to grow their own stock of personal loans.SocietyOne yesterday shared some key data on its progress across the first half of 2017, and the content and openness is bound to encourage the view that an initial public offering is well and truly in the works.Its "current loan book increased A$60 million in first half of 2017 to $189 million," the company said in a media release, a growth rate of 46.5 per cent over a half year.Balance sheet data on marketplace lenders is uncommon, so asked for its take on where bragging rights lie in the sector, SocietyOne said it, along with the rest of the sector), look at this by total originations. SocietyOne said it has originated $312 million since its first loan in August 2012. Ratesetter, the second largest marketplace lender, has on its site total loans funded of $137 million.Close to one third ($102 million) of all new lending since its launch took place over the first six months of 2017. Lending over those six months was up 67 per cent on the corresponding period last year, SocietyOne said.It said lending was $45 million over the first quarter of 2017 and $57 million over the second quarter. It said this "resulted in year-on-year growth of almost 70 per cent for the six months ending June 2017."Jason Yetton, SocietyOne managing director, said it fielded more than 140,000 enquiries about loans, with staff numbers now at 90.The lender's funder numbers are now 315 including 20 mutual ADIs, four of whom are shareholders - Beyond Bank, G&C Mutual Bank, Unity Bank and Regional Australia Bank.