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The marketplace lender has reported 62 per cent growth in loan originations, increasing its total loan book to $600 million.
SocietyOne has reported that it settled $65 million in loans over the past three months, a 62.5 per cent increase from $40 million in the previous corresponding period.
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The volume increase comes six months after the appointment of Mark Jones as CEO, who oversaw the launch of the lender’s broker channel in June.
According to the lender, the broker channel added in excess of $4 million in new monthly originations.
SocietyOne’s chief operating officer Jonathan Chan noted that broker feedback was “extremely positive” in developing “competitive and transparent pricing” and in providing “excellent service”.
The lender also attributed the increase to an improvement of the lender’s credit assessment process in July, its marketing campaign launch in September, and the introduction of an improved online customer quote and application in October.
Society One CEO Mark Jones added. “We are thrilled to be growing so strongly as it’s a sure sign that Australians are increasingly turning away from one-size-fits-all options and instead using our easy, transparent, individually tailored and often far cheaper online loans than can be accessed from a bank.
“Over the past 12 months, we’ve undergone a continuous transformation process to make enquiring about and applying for a new loan easy and simple for our customers.
“As a result, we’re now seeing real momentum in the business that we fully expect to continue, and which should see us achieve our goals of breaking even in the coming months and reach $1 billion in loan originations by the first half of 2020.”
The lender reported that the average annual growth of total originations over the past four years has been 164 per cent.
The lender noted that in December 2018, total loan originations were $15.3 million ($12.8 million in 2017), $22.9 million in January 2019 ($15.2 million in 2018), and $26.7 million in February 2019 ($11.6 million in 2018).
“The acceleration in loan take-up, especially in the last 6 to 12 months, reflects the improved customer experience, increased use of broker channels, and the return of existing customers,” Mr. Jones continued.
“We’re delighted to have reached this significant milestone as we continue to deliver on our promise to provide an even better deal for our borrowers and investor funders.”
[Related: Bank to fuel broker ‘momentum’ with sharp rate cut]
