Reinventure Group, the new Westpac-funded venture capital manager, has spent $5m in Sydney-based peer-to-peer (P2P) lender SocietyOne, which has reported rapid growth in its loan offerings.
According to data from International Organisation of Securities Commissions (IOSC), SocietyOne reported a growth of $2.8bn in loans in 2013 across the globe.
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The P2P lender has so far made 200 loans worth $4m.
The investment will allow SocietyOne to develop new credit products and will provide Westpac with access to SocietyOne’s proprietary technology platform, ClearMatch, which measures creditworthiness through algorithms.
Reinventure Group co-founder, Simon Cant, said P2P lending as a category is seeing very strong growth globally.
"The [SocietyOne] founders have great track records as entrepreneurs and the technology they have brought to the table gives them a great advantage in the P2P space. It is also a business with potential synergies with Westpac," Cant added.
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By GlobalDataIn addition to Westpac’s investment, SocietyOne has so far secured Series A round of funds from Munich-based Global Founders Capital (GFC) and a private investment firm, Justin Reizes, which totals $8.5m.
