Online lending platform SocietyOne has netted $15m in a new equity raise as it looks to further its growth.
The Australian FinTech plans to use the fresh equity to improve the funding diversity on its platform and improve the customer experiences, according to a report from Crowdfund Insider.
SocietyOne offers a peer-to-peer lending solution which connects investors and borrowers in search of a personal loan. Borrowers can take out a loan between AUD $5,000 and AUD $50,000 for debt consolidation, a holiday, car loan, a wedding, home renovation or student loan. Loan terms are two, three or five years.
Investors can use SocietyOne to create a portfolio of loan investments, which net them monthly repayments.
The FinTech has over 322 investors, which have deployed a combined total of AUD $500m to 21,211 borrowers, the company website claims.
Earlier in the week, Brazilian P2P lending platform closed its own funding round, hitting $1.3m from backers including DOMO, Indicator Capital and Devas Invest
Last year, Australia witnessed a record level of funding in spite of the number of deals dropping from 2018. FinTech Global data shows that in 2019 a total of $1.4bn was invested into Australia’s FinTech space across 39 transactions. This is a huge jump from 2018, when just $503m was deployed through 47 deals.