SocietyOne completes latest capital raising
Marketplace lender SocietyOne has added two new financial institutions to its share register in its latest equity raising. G&C Mutual Bank and Maritime, Mining and Power Credit Union participated in a A$25 million capital raising.The latest equity issue takes the total amount of capital raised by SocietyOne to $55 million since March 2014.The company hit $100 million in total lending last month and disclosed on Friday that it wrote more than $10 million of loans last month.G&C Mutual and Maritime, Mining and Power CU join Australian Capital Equity, Consolidated Press Holdings, News Corp Australia, Seven West Media and Westpac's Reinventure Fund on the SocietyOne register.The two mutuals are also funders of SocietyOne loans. The company said its funders included banks, mutuals, fund managers, self-managed superannuation funds and wealthy individuals.SocietyOne chief executive Jason Yetton said in a media statement that he expected the company to be cashflow positive within the next two years.The average loan size is $20,000 and the main loan priorities are debt consolidation, home improvement, buying a car and funding a holiday.