Companies

Moguls take on power of big banks

James Packer has described peer-to-peer lending as “one of the global forces leading the transformation of banking” and is backing start-up SocietyOne to eat into the profits and margins of the big banks.

James Eyers and | James Chessell | Sarah Thompson

Updated Dec 5, 2014 – 9.34am, first published at 12.03am

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James Packer and Ryan Stokes have described peer-to-peer lending as a global force triggering a transformation of banking as they back Sydney start-up SocietyOne to eat into the profits and margins of the major banks.

“Unlike many sectors, banking is an area that has been largely undisrupted," Mr Packer told The Australian Financial Review.

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

James Chessell is the Editor-in-Chief of The Australian Financial Review. He is the former Executive editor of The Sydney Morning Herald and The Age, and a former Business editor and Europe correspondent at the AFR.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.