Packer-backed lender welcomes FSI proposals

In a statement this week, the lender welcomed the explicit acknowledgement by the Murray Inquiry of the role that technology-based innovation and particularly online lenders could play in boosting competition and consumer choice.

“SocietyOne is also encouraged by the recommendation that government should look to encourage, and if necessary mandate, the move to comprehensive credit reporting as proposed in SocietyOne’s own FSI submission,” SocietyOne co-founder and chief executive Matt Symons said.

“SocietyOne also supports the creation of an Innovation Collaboration Committee and welcomes the opportunity to actively participate in such an entity that could bring together senior industry, government, regulatory, academic and consumer representatives who are likely to be shaping the discussion about how to foster and support innovation,” Mr Symons said.

On Monday, Mortgage Business reported that SocietyOne had completed a capital raise with a consortium of eminent Australian investors made up of Consolidated Press Holdings (CPH), News Corp Australia and Australian Capital Equity.

“This investment marks a new and exciting chapter for SocietyOne and for the acceleration of P2P lending in Australia,” Mr Symons said.

Investors have been particularly excited by the significantly increased returns from removing the intermediary from the lending markets, he added.