Beyond Bank Australia agreed to acquire an equity stakeworth A$1.5 million in peer-to-peer lender SocietyOne to continue its expansioninto the fintech sector.
Under the agreement, the bank will also top up its funding commitmentfor personal loans to A$10 million. The deal was formalized Sept. 23, the banksaid Sept. 26.
SocietyOne has 10 mutual banks and credit unions among its200 investor funders and is actively engaged with a number of other potentialinvestors for further expansion.
Beyond Bank Australia is the trading name of