Beyond Bank invests in peer to peer lender SocietyOne

Beyond Bank will be the latest shareholder of peer to peer lender SocietyOne from Friday, in a new partnership that includes the credit union topping up personal loan funding to $10 million.

Both parties announced news of their union yesterday, which is expected to benefit the bank and fintech companies’ customers.

“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 CEO.

Matters also noted that they share “similar values in supporting customers and communities in an open, honest and trustworthy manner”.

Since launching its online marketplace in 2012, SocietyOne has grown to a shareholder base of 200, and business is going well. Last week, the fintech lender posted personal loan results for September, revealing a $150 million dollar milestone.

“We’re delighted to welcome Beyond Bank as a shareholder in our company,” said SocietyOne’s CEO, Jason Yetton.

“Beyond Bank’s support and that of our other investor funders is one of the key reasons we have been growing so strongly,” he said.

What is peer to peer lending?

It’s a more direct way to borrow money, where customers can access lower interest rates (compared to the big banks) by borrowing directly from investors, in a marketplace online. SocietyOne is one of the few companies offering this kind of service in Australia when it comes to personal loans. For more info on peer to peer lending, check this detailed guide.

If you’re in need of a personal loan to help finance your next dream purchase, head right over to our comparison hub where loans are listed side-by-side, all in the one place.