SocietyOne Appoints Former WestPac Exec as CEO

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SocietyOneCEOAustralia-based P2P lender SocietyOne announced it has appointed Jason Yetton, former senior executive at Westpac, as its new CEO.

Prior to his position at Westpac, he played a variety of roles at BT Financial Group. Yetton, a graduate of Harvard Business School’s General Manager program, was recently selected as a member of the federal government’s fintech advisory group.

Yetton will begin in his new role on Monday. SocietyOne’s current CEO & co-founder Matt Symons will assume a new role as chief strategy and innovation officer.

According to the Sydney Morning Herald, Yetton will face a number of challenges in his new role:

  • Building awareness of P2P lending (a concept that has been slow to take root in Australia) and ramping up marketing to promote the SocietyOne brand as a leader in the space.
  • Adding retail investors to the SocietyOne platform
  • Preparing the company for a potential IPO

Since launching in 2012, SocietyOne has matched more than $78 million in loans. This week alone, the startup originated a record $8.7 million in loans. According to The Australian Business Review, The company has secured 2% to 3% of the nation’s $100 billion unsecured lending market.

SocietyOne launched ClearMatch at FinovateAsia 2012 in Singapore. ClearMatch connects borrowers with lenders by allowing investors to bid at different interest rates on a single loan. This minimizes data entry for the borrower while broadening the reach of investor portfolios.

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SocietyOne Offering Car Loans to Uber Drivers in Australia

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Australia-based P2P lending platform SocietyOne today announced it is partnering with Uber to offer its drivers car loans. This comes at a time of high growth for Uber Australia which has seen its UberX platform grow from 0 to 20,000 drivers in the past 18 months.

Uber, which operates in nine cities across Australia and New Zealand, requires drivers to have a car no older than 10 years. However, some drivers have difficulty obtaining a traditional loan because ride-sharing jobs may be perceived as unstable.

SocietyOne charges drivers an upfront fee of $250 to take out a car loan, which ranges from $5,000 to $35,000 at an interest rate of 6.5% to 12.6% which is competitive with rates from traditional banks.

Launched in 2011, the company now employs 75 in Australia and New Zealand and has extended $60 million in personal loans this year. It is experiencing 10% growth in loan originations month-over-month.

SocietyOne debuted its ClearMatch technology at FinovateAsia 2012 in Singapore.

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