The MoneyMe and SocietyOne businesses bring complementary distribution capabilities that will span across direct digital, direct traditional, broker, agent and dealer, as well as delivering improved data and funding opportunities.
The combined business will deliver leading customer experiences with the increased scale accelerating the Group’s pace of winning market share from incumbent lenders.
Clayton Howes, MoneyMe’s Managing Director and CEO said: “The SocietyOne acquisition combines two of the most widely recognised consumer credit disruptors to deliver immediate scale advantages and incremental revenue opportunities.
The strategic value is immense for both businesses, and we are incredibly excited. The opportunity to accelerate growth will be quickly realised by combining the strengths of both brands. Cost efficiencies will be delivered by migrating SocietyOne operations onto MoneyMe’s high-tech Horizon technology platform.
The SocietyOne brand will continue to thrive and will benefit from access to MoneyMe’s diversified product set and ability to deliver leading customer experiences.
There are many new innovations we will expand on, including the SocietyOne credit score product which will be brought to the MoneyMe customer base and the Banking-as-a-Service partnership with Westpac that we will continue to explore. We are excited to be leading industry consolidation and fast tracking our journey to become the number one non-bank credit provider in Australia.”
MoneyMe Group is a leading disruptor and innovator in the consumer lending market. The Group’s MONEYME and SocietyOne brands reflect a focus on innovation and the creation of digital-first experiences that meet, and exceed, the expectations of ‘Generation Now’.
Leveraging AI and cloud-based technology, The MoneyMe Group delivers highly automated credit products and market-leading, seamless customer experiences. Our proprietary and modular technology platform ‘Horizon’ facilitates automated loan approval and settlement, meaning approvals in minutes and fast settlement for end customers.
MoneyMe Ltd (the ‘Group’) is an ASX-listed, licensed, and regulated credit provider operating in Australia.