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SocietyOne shed 70pc of business in three weeks

In the first of our monthly Frontline Fallout series, SocietyOne CEO reveals how the pandemic tripped up the fast-growth company.

James Eyers
James EyersSenior Reporter
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Key Points

  • June revenue rose 17 per cent compared to May
  • June revenue rose 40 per cent compared to June last year.

Personal lender SocietyOne entered 2020 on a roll. Revenue and new loan originations had jumped 50 per cent in 2019 and customer satisfaction was at an all-time high.

In February, it wrote $28 million of new business – a record month. January had set the previous record. A long-anticipated sharemarket float for one of the original fintechs was tantalisingly within reach.

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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
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    Original URL: https://www.afr.com/companies/financial-services/societyone-shed-70pc-of-business-in-three-weeks-20200724-p55f81