Personal lender SocietyOne has dumped plans for an ASX float in favour of being acquired by ASX-listed MoneyMe, which will scale into an ASX 300 company as it drives consolidation in the fragmented fintech personal lending space.
The $132 million scrip deal will see MoneyMe, which offers personal loans, credit cards and car loans, increase its lending book by 72 per cent to nearly $1 billion.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
