Mitchel Harad is joining SocietyOne, an Australian peer-to-peer (P2P) lending platform, as Chief Marketing Officer (CMO).
He moves from Vice President of Marketing of Lending Club, a leading marketplace lender which has its base in San Francisco.
Whist there, Harad is said to have been instrumental in growing quarterly loan volume more than 30-fold from US$50 million when he joined the company to US$1.6 billion (AUD$2.2 billion).
Lending Club, which has a current market capitalisation of US$5.6 billion (AUD$7.6 billion), completed the second largest initial public offering globally in 2014.
Harad said of his move: “SocietyOne has striking similarities to where Lending Club was when I joined them. The company is already growing at a rapid pace and is well equipped with excellent management, technology and resources to scale to provide a better alternative to millions of consumers. I think the opportunity SocietyOne has in Australia is enormous and I’m thrilled to join their team.
“I’m extremely impressed by the excitement and energy around financial innovation I’m encountering in Australia. SocietyOne has a fantastic entrepreneurial culture that would be right at home in Silicon Valley.”
CEO and co-founder of SocietyOne Matt Symons said: ““Mitch has an amazing track record and was a major contributor to Lending Club’s growth. We could not be more excited to have recruited Mitch from the world’s most successful marketplace lender as SocietyOne continues to thrive and accelerate its own growth.”
CEO of Sydney fin-tech hub Stone & Chalk Alex Scandurra added his thoughts: “When entrepreneurs like Mitch Harad move from San Francisco – the heart of the global financial technology movement – to Sydney, it’s a testament to the increasing popularity of Australia as an attractive destination for world-class talent.”
SocietyOne closed a $25 million capital raising round in February with a consortium of top-tier Australian investors including Consolidated Press Holdings, News Corp Australia and Australian Capital Equity.