SYDNEY NSW, Australia–Peer-to-peer lending platform Society One said it has completed another round of funding, including $25 million in equity from several traditional financial institutions, among them G&C Mutual Bank and the Maritime, Mining and Power Credit Union. Maritime, Mining and Power Credit Union is another “member owned” financial firm that has been operating in Australia since 1970. The cooperative puts members before profit and returns any surplus to members by lowering interest rates or improving savings returns.
Anthony Kerwick, Chairman of SocietyOne, told the Financial Review that the investments are “.. a clear indication of their commitment to the revolution that is now underway in financial services.”
SocietyOne has reported it had topped $100 million in lending this past April.