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Australia’s Reinventure backs P2P lending company SocietyOne

6 Mar 2014

australia flagNewly-launched Australian venture fund Reinventure has backed peer-to-peer lending company SocietyOne by participating in its $8.5m Series A round.

Munich-based investment firm Global Founders Capital and investor Justin Reizes also participated in the round alongside existing backers.

The company said that P2P lending is rapidly revolutionising credit markets worldwide, with considerable success in markets such as the US and the UK.

Reinventure co-founder and joint managing director Simon Cant said, “SocietyOne is an excellent investment for the Reinventure Fund.

“The peer-to-peer lending model is showing strong growth globally and SocietyOne has a significant first mover advantage in this market. Founders Matt Symons and Greg Symons have strong track records as entrepreneurs.

“Further, their unique and proven P2P technology platform not only gives them a real advantage locally, it has significant licensing potential globally and already they have numerous inbound licensing inquiries.”

Last year Google Ventures backed peer to peer lending website Lending Club.

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