SocietyOne, a FinovateAsia Best of Show winner, announced last week that it has reached $1 million in loan originations on its P2P lending platform, ClearMatch.
The Australia-based startup launched the ClearMatch platform, which allows investors to bid together at different interest rates and amounts against a single loan, six months ago in August of 2012.
In the six months since its launch:
- Has originated over $1.1 million in loans
- Borrowers faced an average interest rate of 14.4%
- Investors earned average interest rate of 11.3% per annum
- Investors have received $15,600 in interest payments
The following graph charts the growth of the loan amount originated since its inception.
For comparison, SocietyOne charted the growth of LendingClub's originations over time.
Matt Symons, SocietyOne CEO, states that he plans to replicate the success of Lending Club in Australia.
To check out SocietyOne's award-winning platform, watch its FinovateAsia 2012 demo.