SocietyOne ropes in Beyond Bank for $1.5m investment

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fintech insurtech wealthtech regtech ai cybertech esg news

Australian peer-to-peer lending platform SocietyOne is partnering with Beyond Bank Australia.

The firm will also fork out A$1.5m ($1.14m) for an equity stake in the startup and increase its existing funding commitment in personal loans to A$10m ($7.6m).

Beyond Bank’s deputy chief executive officer Wayne Maters said, “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.”

The investment brings SocietyOne’s total investment to more than $55m with it previously raising a $25m Series C round in April.

Beyond Bank is not the first bank to invest in the startup with Westpac-managed VC firm Reinveture participating in the company’s Series A and B round in 2014.

SocietyOne says that it has facilitated $150m in personal loans since it was founded in 2013 including $38m in facilitated so far this year alone.

Copyright © 2016 FINTECH GLOBAL

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