SocietyOne completed its Series A round with $8.5 million, a statement about the funding said.
The Australia-based peer-to-peer lending firm's most recent round was participated in by Reinventure and Global Founders Capital. Justin Reizes and other current investors also backed SocietyOne with a private investment, the statement said.
SocietyOne Co-Founder and Chief Executive Officer Matt Symons said in the statement, "This is a clearly a significant milestone in the development of our business. It's extremely exciting for SocietyOne to be partnering with the Reinventure Fund and GFC. We have found their approach and thinking around innovation and technology disruption to be very aligned with our own. In practical terms this partnership will allow us to accelerate our rate of growth and that's exciting because it means we will be able to offer more borrowers a better deal and give more investors access to attractive fixed income asset classes."
SocietyOne is the sole P2P lender that actively operates in Australia. The company links borrowers in search for a better credit to investors who are also looking for higher rates of return. SocietyOne removes much of the complications and expenses that come with mainstream banking to provide good rates for consumer and small business loans and enable sophisticated investors to access an asset class that would give them profits.
P2P lending has already gained traction in the US and the UK. Reinventure Co-Founder and Joint Managing Director Simon Cant said in the said in the statement, "SocietyOne is an excellent investment for the Reinventure Fund. The Peer-to-Peer lending model is showing strong growth globally and SocietyOne has a significant first mover advantage in this market. Founders Matt Symons and Greg Symons have strong track records as entrepreneurs. Further, their unique and proven P2P technology platform not only gives them a real advantage locally, it has significant licensing potential globally and already they have numerous inbound licensing inquiries."
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