- MoneyMe (MME) completes the aquisition of SocietyOne, with former SocietyOne board director David Taylor joining the MME Board of Directors
- As part of the acquisition, 89 per cent of SocietyOne shareholders received around 66 million MoneyMe shares, with 11 per cent of the consideration paid as a cash consideration option totalling just over $14.5 million
- MoneyMe said the acquisition will boost revenue, customer and profit growth by unlocking new distribution opportunities
- MME shares held steady at $1.49 per share, at the end of trading
MoneyMe (MME) has completed the acquisition of SocietyOne, with former SocietyOne board director David Taylor joining the MME Board of Directors.
As part of the acquisition, 89 per cent of SocietyOne shareholders received around 66 million MoneyMe shares, with 11 per cent of the consideration paid as a cash consideration option totalling just over $14.5 million.
Currently, SocietyOne shareholders own 28 per cent of MoneyMe.
MoneyMe said the acquisition will boost revenue, customer and profit growth by unlocking new distribution opportunities by expanding broker channel with optimised user experience on the proprietary technology platform, Horizon.
The financial wellness channel will be accelerated as MoneyMe will be able to leverage on SocietyOne’s credit score product with over 147,000 customers and a potential Banking-as-a-Service (BaaS) partnership opportunity with Westpac.
The acquisition is also said to profit growth by delivering material cost synergy opportunities by removing duplicate functions, systems and processes, presenting an opportunity to lower funding costs through accelerated securitisation.
“The SocietyOne acquisition combines two of the most widely recognised consumer credit disruptors to deliver immediate scale advantages and incremental revenue opportunities,” MoneyMe CEO and MD Clayton Howes said.
As part of the acquisition, SocietyOne Managing Director David Taylor will join MoneyMe’s Board of Directors.
Mr Taylor comes from over 30 years of financial services experience across retail banking, payment systems and funds management. From 2010 until July 2021, Mr Taylor was the CEO of G&C Mutual Bank and is currently the Director.
He previously held senior executive positions at Credit Union Services Corporation and Finance Industry Consulting Services.
“As the business continues to drive significant growth plans, Dave’s experience and detailed knowledge… coupled with his broad financial services will add additional capability to MoneyMe and support the integration and benefits of the acquisition,” said MoneyMe Chairman Peter Coad.
MME shares were trading at $1.49 at market close.