Beyond Bank Australia and SocietyOne announce key partnership

 

                    

Beyond Bank Australia and SocietyOne announce key partnership

 

Beyond Bank Australia is continuing its expansion into the fintech sector, forming a significant partnership with the nation’s leader in marketplace lending, SocietyOne.

 

The agreement sees Beyond Bank tip in $1.5 million for an equity stake in SocietyOne as well as increasing its existing funding commitment in personal loans to $10 million. The arrangement was formalised on Friday, September 23.

 

“Our partnership with SocietyOne is a perfect example of our approach to innovation, customer service and new product opportunities which are delivering real benefits to our members,” said Wayne Matters, Beyond Bank’s Deputy Chief Executive Officer.

 

“The links that we have forged with SocietyOne have underlined to both of us what can be achieved when you put the experience, strength and depth of an organisation like ours together with the entrepreneurial drive and creative dynamism of a company like SocietyOne.”

 

SocietyOne now has ten mutual banks and credit unions among its 200 investor funders and is actively engaged with a number of other potential investors as it undergoes further expansion, targeting a 2-3 percent share of the $100 billion consumer finance market by 2021.

 

“We’re delighted to welcome Beyond Bank as a shareholder in our company. This is a clear sign of our close relationship that dates back more than two years when we first began discussing the opportunities of becoming an investor funder,” said Jason Yetton, SocietyOne’s Chief Executive Officer and Managing Director.

 

“From that initial contact, the Bank has now gained valuable experience and insights into the benefits that we have been able to provide as the leader in lending market places in Australia through our innovative approach to personal and secured agribusiness loans.

 

“We have now passed through $100 million of personal loan originations since we started and taken our total originations including our support for Australian agribusiness to more than $150 million. That is an increase of $50 million alone since early April.”

 

Mr Matters said: “We both share similar values in supporting customers and communities in an open, honest and trustworthy manner. SocietyOne aims to share the financial benefits between its borrower customers and funders and that is very much part of our ethos too.”

 

Note to Editors:

 

Wayne Matters is available for interview on request, please contact Beyond Bank via details below.

 

Media Enquiries - SocietyOne:                                   Media Enquiries -  Beyond Bank:

Danny John,                                                                Georgina McGuinness,

Director of Communications and PR,                          Director

SocietyOne,                                                                McGuinness Media

0438 791 068                                                              0488 247 777

danny.john@societyone.com.au                                 georgina@mcguinnessmedia.com.au

 

 

 

 

 

 

 

 

 

 

About SocietyOne

 

SocietyOne was founded in 2012 and is Australia’s leading online marketplace lender, connecting borrowers and investors to loans based on risk-based pricing through its ClearMatch technology platform. SocietyOne was named in April 2016 as the 20th leading company in the top 50 innovative “game-changers” in Australia and New Zealand by H2 Ventures and Investec Bank Australia. The company also won the Best Digital Offering of the Year category in the 2016 AB+F Australian Retail Banking Awards and the 2016 Fintech Innovation in Lending award in the inaugural Australian Fintech Awards. For more information, visit www.societyone.com.au

 

 

About BEYOND BANK AUSTRALIA

 

With more than 200,000 customers and $4.8 billion assets under management, Beyond Bank Australia is one of the nation's largest 100% customer-owned financial institutions. It operates branches across South Australia, Western Australia, the Riverina region, the Hunter Valley and the ACT, and provides personal and business banking services along with financial planning. It works closely with community groups to ‘create good together’, supports charitable organisations and initiatives through fundraising, donations and by actively helping volunteering within the community. As a customer-owned bank, Beyond Bank is 100% owned by their customers, and use their profits to benefit their customers and the community.  This allows Beyond Bank to offer benefits and rewards, such as competitive lending & investment rates, lower fees & charges, and financially support the community.

www.beyondbank.com.au

 

Further media information contact: 

Georgina McGuinness - georgina.mcguinness@gmail.com or 0488 247 777